Nice 1 GJ,
The target there would be 1367.69 spx for an ABC correction to the 5 waves down into October low. Some correction if it did that!
Another point that popped up when I was reading some of McLaren's notes from 2006 and his study of the last 70 years of bear trends on the Dow was that at some stage after the major high, the market will come back to test the high before the major low to the bear trend. Assuming the major low isn't in, and assuming the July top wasn't a test (and I have to say I think it was), then this could be the test coming up (?)...
Hard to see, but then on 3 October who would have thought in their wildest dreams that the market will get to 1293 by the end of the month? Some say they could see that huge rally coming, but hindsight can often lead to ex post facto reconstructions of history.
chris
Nice 1 GJ,The target there would be 1367.69 spx for an ABC...
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Last
7,816.8 |
Change
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Mkt cap ! n/a | |||
| Open | High | Low |
| 7,829.7 | 7,829.7 | 7,782.0 |
| XJO (ASX) Chart |