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...
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 pebblewriter.com...
that remains a disturbing outlook.
ReplyDeleteIt would suck in the chasing bears..and then start going up...and keep going to make a new high...only to then reverse.
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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.
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If we break 1300, does that outlook get thrown out, or 1280 ? or lower?