*************** PEBBLEWRITER.COM IS LIVE! TO SIGN UP, CLICK HERE ***************

Monday, May 14, 2012

Analog Update: May 14, 2012

Today's action plays out well with the analog I first posted back on April 9 [see: Analog Watch] and charted on the 10th and 11th [Analog Details.]

At the time, SPX had peaked at 1422, one point above a Butterfly target we identified on March 29 [see: All the Pretty Butterflies] and was on its way to our 1357 downside target (tagged later that day.)

The subsequent completion of the right shoulder at the .886 Bat pattern target of 1415 [see: A Swing and a Hit] got the downside started on May 1, and it's been all gravy since then -- complete with the completion and...

...continued on

1 comment:

  1. that remains a disturbing outlook.

    It would suck in the chasing bears..and then start going up...and keep going to make a new high...only to then reverse.

    The problem is that it'd mean the monthly cycle starts going up again, and we sure didn't see that in 2010, 2011 until after August.
    If we break 1300, does that outlook get thrown out, or 1280 ? or lower?