It was indeed a quiet range bound day...
As SPX has hit 1255, I am providing 2 scenarios as time draws near for a turn.
1. On SPX cash front, if we are in a rising wedge, we have made a ABC, left D and E to go, which I think we will have it on 23rd.
Wave D should target 1250 and wave E 1260. 1260 is just 5 points shy of my original target, so fret not, if you have already taken a short position.
2. It was a ABC corrective move from 1202 and we have peaked at the 78.6% fib at 1255.
In all, a top is near. Time to load shorts.
I will provide more updates and charts later.
If 1260 is the peak, that means the retracement will take at least 10 days if say around 4-6 Jan is the low. Since the retracement period is so long, the fall must be fairly sever, from 1260 to say 1200 at least.
ReplyDeleteWill there be another possibility 23 Dec not peak, end of year is a peak? then 4-6 Jan is a low?
S&P futes 1257= 1263 cash,does this invalidate your count for today
ReplyDeleteHousewifeMaggi - I do not have the price targets for the fall at the moment, will provide it nearer to the turn dates. There is a secondary peak in my cycle after 23rd, whether it is higher high or lower high than 23 Dec, remains to be seen. This blog is mainly for timing cycles, I will try to provide price targets if possible.
ReplyDeleteJohnny - No changes. Let's see what happens after 10.30am
ReplyDelete