Lisa,
The closing Trin today was 1.84, and last Tuesday's was .98. My satellite sytstem was out wed, thurs., & fri, so I don't have those #'s. Do you? I expect the 5 day trin to go a little past 6 on this buy setup, and am looking for a negative 300 to 500 on the Mclellan Summation index before the correction is over.
Carl & I have us in Wave 3 down now in the C wave that started at the highs on 5/14. So we still have at least a few days left before the 5 waves end. But if this correction is like October's, the low point of the correction COULD come at the end of wave 3. The most likely target I see for the bottom is the low 1070's on the S&P, but if that fails to hold, we'll take a crack at the high 1050's, and if that area gives way, we could see as low as the low 1030's. I don't see any way possible the correction could go lower than that.
The bigger story is what happens when this correction ends...and that I am very confident will be a very strong rally that will take the market to new highs on major indices by late June, and to the 1240 SPX area (Dow 9750) by the end of July.
David |
