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On Friday of last week I forecast a reversal in the major indexes with a
high in the Dow of 11460 and a high in the S&P of 1310. The actual highs
were 11488 and 1314.54. Those of you familiar with the structure of the S&P
realize that 4 points is a major structural element. This corresponds with
my fractal theory that proposes that 3 tics and multiples of 3 tics
represent fractals in any market. Four tics represent the first confirmation
of a reversal.So for the S&P, 4 points above my forecast (1314 Vs 1310) is
one reversal fractal on the daily time frame. For the DOW the high was 7
reversal fractals above the forecast.
I also called for a reversal in oil and gas. NG did reverse but crude may
wait until Friday or Monday. Watch for buying opportunities in the energy
sector.
The decline in equities could be accelerated by a reversal in energy.
Jim White
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