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Duh, should I be embarassed to show my face today?...ah, we all make mistakes...it's just tough when they're so public. This correction was due. And it will be even more positive if it drops a few more points to the bottom of the channel around 972. A lot of folks may be thinkin this rally is over... but look for [very possible] new highs from here, as we are still in an uptrend off the march low! All bets are off if the channel is taken out to the downside in the next day or so...BUT...if not, we could see a strong thrust up over the next several weeks.
The attached chart was done earlier today...since then, price is dropping closer to the channel bottom. That will change the "potential" targets a bit...but still check out the area for the Bradley turn date of 7/2. [The projected path I drew in is only for general direction.] I see that Arch Crawford is looking for a big drop after the Bradley date...however, IF we close above the median line shown on the chart, there is a good chance the SPX will make a run for the top of the channel! Sure, this is "just" a bull rally in a secular bear mkt, but I'd think hard about selling it short just yet...
[As for accurate market predictions, ya can't beat Jim Curry, with his hand-drawn Hurst charts and cycle timing. I'd love to know what he's saying right now!]
Alright, that's enough fun for today...
Victoria
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