tgi friday, page-39

I haven't given up on the '38 road map which calls for a lower high on 11 December before we drop off more substantially.

The high on 21 October was 5 days off a match. In '38 the high was 224 days from low and this time it was 229 days from low for the S&P500.

The low Monday just past (Full Moon) was one day off a match in days from major low with '38. The '38 road map called for a low on Tuesday at price of about 1002.

If we follow '38 for the next while that calls for a lower high a bit over 2% below the 21 October low on 11 December so that would mean a bit of work around these levels for another 5 weeks.

The price of the lower high on the S&P500 would be around 1078 so we should go too much higher than where we are now. Another 15 points would be okay but any more and it would look too squeezed to work.

A problem with the comparison atm is that Monday's low should have been about 25 points lower on the S&P500 so we have to squeeze another 5 weeks into a tight trading range.

Another problem with that scenario playing out is that for this current rally from March the wave count doesn't show 5 clear waves. In '38 into the 224 day high had 5 clear waves.

Not to worry though, it will work itself out.