SPX/ES
SPX projection 11th March 2009
posted by John East at
3/12/2009 12:30:00 PM
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2 Comments:
Sorry Mark, I forgot to enable comments. It's so long since I blogged I'm a bit rusty.
As of writing this reply I'm a bit annoyed. I was going to go long S&P financials this morning (FAS) once the SPX retested it's rising channel at 720, but I decided there was not enough upside momentum to risk the trade. SPX has now broken through resistance at 740, and could retrace to the next level at 775 or ultimately 800.
Ah well, such is life.
For the bigger picture, in Elliot Wave terms, I believe we are approaching the end of Primary wave {1}, Intermediate (5) which either bottomed at 666 recently, or will confirm this bottom next week.
We then, if we haven't done so already, will stage a retracement rally over a month or two in Primary Wave {2}, Intermediate Waves (A)-(C), followed by a plunge into the abyss down in Primary Wave {3}, Intermediate Waves (1)-(5) later this year.
Target then, who knows? 450? 500?
Alternatively, my very new found charting skills may be just voodoo, and like everyone else, I don't have a clue. Only time will tell.
My next trade plan will hopefully be short S&P financials for a ride down from 775-800 to test the previous low at 666.
Do you follow technical analysis and Elliot Wave? I must admit I didn't give it much credence until recently. I've been trading gold on fundamentals for years, but the sideways consolidation in gold since March last year has forced me to look elsewhere. Whether Elliot Wave is crazy or not doesn't really concern me, I'm only interested in whether it can deliver, and so far I'm ahead. I'll be a fan as long as it stays this way.
I wish I could claim sole credit for this analysis, but most of the genius is from three great trading blogs you might be interested in.
Evilspeculator
xTrends
Slope of Hope
By
John East, At
3/12/2009 8:01 PM
Ta. I've got a book somewhere, I'll have to give it a read.
By
Mark Wadsworth, At
3/12/2009 8:31 PM
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