Thursday, March 10, 2011

S&P looks like its got quite a bit more to go...

As a side note, I expect something below 1285 for the inner most wave 3 target to be followed by a modest retrace. And the pattern to iterate down with modest retracements and perhaps something stronger when the red wave 3 completes. These are nice looking numerals and letters and are for amusement primarily though there may be some structural value to them in that they indicate that we have most likey more downside to go. But as another note, the bear flag truncated as I proposed on my "bear flag analysis" chart earlier this week and that should result in a very strong impulse, I would expect surprises to occur on the downside and downside to potentially exceed reasonable targets. One of my weekly systems on the S&P500 is looking to cover its short in the somewhere between 1020 to 1050. As it wins over 90% of the time, I would expect us to get there, perhaps sooner than I would have thought possible.
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