I opened up 2 copies of GET, with 1 copy showing the daily chart of the S&P 500 as of 12/23/99, and the 2nd copy showing the S&P 500 daily as of 12/23/98, by going back in time using "training mode". Guess what? The charts are practically identical in nature, both hitting new highs in a wave 3 with divergence in the 5/35 osc. Last year, the S&P's wave 3 peaked shortly after the new year slightly above the MOB on the daily chart drawn from the prior Primary pivot, and then waffled around for a few months completing a wave 4, before finishing up in a wave 5 and peaking at the MOB on the weekly chart drawn from the Intermediate pivot on 7/24/98.
If we see similiar action, the S&P should peak over the next 1-2 weeks slightly above the daily MOB at ~ 1470-1475, drawn from the prior Primary pivot. Then wave 4 will start, followed by wave 5 hitting a peak at ~ 1500 at the weekly MOB, drawn from the prior Intermediate pivot on 7/23/99.
I am very interested in trying to accurately project price action for the S&P 500 since I happen to have a large portion of my 401k invested in the index.
Jan |
