hi mongo.
once again i think you are on the money, a short term down trend in a longer term up trend.
i have gone back to the weekly chart looking for direction for the daily chart,
as you can see the macd lines have crossed to the upside once again, this time the cross is above the zero line (very bullish).
i have marked out where the macd lines have crossed in the past and the sp reaction.
it is possible that we have had a elliott motive wave 5 up trend from the nov lows until the june high (that up trend was unable to break the resistance line at the .618% fib $38.52)
it is possible we are now in a a-b-c corrective wave 3, i have marked out 2 possible wave c targets.
because of the action in the the macd indicator, the next up trend could be a elliott motive wave 5.
so your $42 target is looking good.
have a good one.
582
uneasy shorts, page-48
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