Donald,
I wouldn't ordinarily be too hung up on a particular target number, especially if it was the result of a shorter term pattern. In this case however, we're talking about a target (1192 SPX) that was generated from THE LAST 4 YEARS of market activity. This is the most significant target/reversal point I could ever hope to find, as it is the culmination of so many years of a strong market trend.
Rest assured that the big & smart money is not only aware of this target, but they've been licking their chops waiting for it to be fulfilled for the last few weeks. Who in their right minds would have stepped in front of this freight train upwards, unless they knew something about what would be required to happen....?
As for 1, 2, or 3 % tolerance for targets, when you're trading the S&P futures, and miss by even a few points, you're hurting bad. Miss by 10 points, and you have to fold. Miss by 3%, and you're out of business. That's why I required tight paramaters on this scenario, and will continue to do so after the market bottoms tomorrow and rallys back up near the highs later this week.
Congrats on your Class Sell working as well. Always provides welcome confirmation to what I'm seeing with wave counts.
Regards,
David |
