Nearly a week or two we discussed the explosive formation of SPX the cash S&P, we were much lower than, now lets revisit that chart..
clearstation.com
I see that 1360 is a central line of this chart, with 1240 at its lower limit and 1360 at its higher limit, since April of 99 we have traded between these two levels,nearly seven bottoms and 11 peaks, one lower bottom in Oct 99 and one great peak in Dec 99-Jan 2000, here we are at critical point witha huge bias towards break out if we do we can move very quick up with a target of 180-200 points from 1460 so you are looking at 1640-1680 area, if wefail here fall from a plateau is the worst, our objective if we take out 1360 on two cloisng basis should be 1020 to 1050, that is the kind of move i antiicpate here, oneo f those big ones, if we are on the right side of the move we will alright if not we will suffer, these broad key points help me a lot, very simple a birds eye view that I like to share, these are objectives that have been the hall mark of my over all strategy, think global think with a big view.. regards and love to all..thanks Ike |
