According to the time matches on the re-trace chart, the bottom at 1194 took 18-sessions to resolve. That would indicate at least 7-9 sessions are now needed to resolve this bottom. We've had 3 so far. That might fit well with a ramp for EOM window dressing and a drop to re-test early the 2nd week in August. That also fits well with an August 7 turn date.
Furthremore, the time from the first bottom to the next top is 3-months on the re-trace chart, indicating 1-1/2 months from last Wed maximum until the next top and quite possibly the week after Labor Day.
stockcharts.com[h,a]daclyiay[d19950727,19970527][pb9!b13!b20!h.02,.20!b200!b150!b50!f][vc60][iUb14!La8,17,9!Lh5,5!Le5,10,1!Li10,10!Lp14,3,3!Ll14!Lo15]&pref=G
The next drop is 6-months long to 1000 on the re-trace chart. It should take 2-1/2 months or so now. That would put us into the middle or end of November (there is a turn date on November 7). The rise after that to 1250 is a little less than 2-months, so we'll call it a 3-4 week event on the re-trace chart and have it happen the end of the year possibly. |
