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two attachments:
smaller chart: 60 Min update. yesterday's upside action
continued along the 60 minute channel projection,
which last week formed a low and turned up. the hourly channel is projected
to top out
near Monday, March 22nd - but could be plus or minus a day. this implies
that the gap lower
opening we are seeing in the SP futures will be retraced and followed by a
higher high before Monday's
trading is completed. A good target to watch is near 1134 SPX CASH, if hit
in the coming sessions.
<IMG alt="" hspace=0 src="gif00072.gif"
align=baseline border=0>
second chart: daily version of the same. with the hourly
pointing up, we are trying to make a stab at the
daily channel. once this rally is completed, prices should then turn down
from near a March 22 price peak
and revisit or make new lows (1088 SPX is acting as a magnet). from
late-March/mid-April a larger low is due
to form. from there another rally back to/towards highs is expected
before succumbing to the downside
into August of this year, where a tag of the 200 day moving average should
be expected:
<IMG alt="" hspace=0 src="gif00073.gif"
align=baseline border=0>
Jim Curry
jim@xxxxxxxxxxxxxxxxxxx
jcurry@xxxxxxxxxxxxxx
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