Shack, could you post a chart showing the channels
you're mentioning, as I don't think I see the channel lines as clearly as you do.
On a straight trendline basis, linking the December and January tops, I see approximately SPX 907, COMPQ 1390, and Dow 8600. So in those cases I see a long way to go, from that trendline perspective.
But assuming the most bullish case, that we're now in the big C, how far do you see us going both in time and in level?
My WAG is six to ten weeks, and as for level I'd guess SPX 975. Since "A" was 185.7 points, if A=C then we have 974.6.
If that's too much, then a .5 retracement of the decline since the December high would be 871.7 and the .62 retracement would be 891.2. If we're only going to those levels then I'd say that would more likely be accomplished in six weeks rather than ten. |
