The Dec S&P Futures hit 2550.75 October the 5th, 9 trading days ago, and have virtually stalled since, with ONLY 10.5 points of upside through this morning's high. The 8 trading days prior to 10/5 saw 66 points of upside. As usual momentum stalls at tops, to allow time for distribution, and it's no coincidence the S&P 500 has stalled in this area.
The 2560 target of the 10 week symmetrical triangle break-out established Sep 7th was finally just achieved, and now that the futures have "rung the bell" at the target minutes ago, "play-time" is almost over. These symmetrical triangles are not to be trifled with, and a category 5 correction is bearing down upon participants as you bear down upon your Cheerios. Leveraged longs face grave, imminent danger. Minute-by-minute charts have a further upside price objective of 2563, but after that's achieved, look out below.
Downside targets based solely on Ending Diagonal Rules are in the 2225 area, a 13.2% correction from current levels. Upon correction completion, a rally to new highs is expected. That's when you'll wanna sell the boot store and paintings and escape to Tasmania, Tahiti or wherever your SHTF plan takes you. :)
If 2572 is exceeded s-t, this message will self-destruct and be deleted from SI's hard drive, and I'd appreciate your forgetting it as well. |
