Sunday, September 06, 2009

Longer term view

In about one/two weeks time I'll be able to calculate most likely upside target for w5 daily (shall w4 confirm)
Without having low point of w4 I can only calculate so called "Ultimate theoretical target" and it would be SPX 1265 by mid November/early Dec (and that seems to be slightly far fetched)
Coincidentally, that very same area is an extreme price/volume congestion for a long period before Oct 07 meltdown started.


shall we get really deep retrace next week to 960 area, most likely upside target for w5 would be 1070 (1120 was my long term target starting back in March, unfortunately I, just like a lot of people here, got caught by very shallow 23% retracement of w2 and did not use that price swing to my full advantage)
As for possible downside target for upcoming w5 weekly of down sequence I am maintaining 584 (which is "Ultimate target" and cannot be refined unless w4 up weekly corrective wave will be completed ) for March/June 2010