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Chart attached shows what's up with the short-term.
With the recent action odds tend to favor a minor low
in place at 789 SPX; closing above Thursday's close
will confirm that assessment (anything below Thrusday's
close on a closing basis and thus the index is
weaker).
If true, then what might we see next? There is a
new price projection from the 15 day cycle, which is looking
for a rally to the 853-868 SPX CASH region over the
next week or two. There is also an outstanding projection that
has not yet been achieved, which is looking for a
drop into the 760's or lower between now and June. I have developed
an algorithm that has been 85% accurate or better
in projecting these cyclic targets over a period going back years, so
odds will tend to favor both <FONT
face=Arial size=2>targets being met within their specified timeframes.
If so this says we may go somewhat higher in
the next 1-3 weeks, then back down into the lows again after a trading rally
completes. The highest- probability for this
index to peak (in terms of time) may be near the top of the 30-day cycle array,
as shown. Since this is a 120-minute chart, this
means 8-10 trading days.
Jim
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Attachment:
chart 2.GIF
Attachment:
Description: "Description: GIF image"
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