2715 hit, overshot (2720) & closed below (2712). This could be the start of a decent correction- looking for a gap fill at 2652 as a possible target.
: 2673 recovered & then some- intraday 5 wave move targets 2715.
: : Be careful- expect multi month correction to start here- need to quickly recover 2673 if this is to be prevented.
: : : Short term 2659 target hit & we now seem to be in an intraday 15min 5 wave move which targets 2673. Correction could start at any time but if irrational exuberance takes us above 2690-2700 (>40 point overshoot on long term target) we may not get a major correction till 2790-2800 which is the long term target for the whole move up from the Oct 03 low.
: : : : Long term target area reached today. Anything can happen here- be prepared.
: : : : : I now have short term & 15 minute 5th wave up projections targeting the 2659 area- this would imply some overshoot of the 2640-2650 long term target area but we will likely truncate if long term trumps short term as it should. Looking to hit the long term target this week- it's been a long & winding road so far but the end could be in sight.
: : : : : : Friday's low (2590) was more than a 50% pullback of the rise from 2560 but less than 61.8% (2585). Could see more pullback to 2585 or even 2576 (76.4%) which would directly target 2650 & 2640 areas respectively. Could be last buying opportunity for a while if it happens!
: : : : : : : Beware of any Fed inspired euphoria (suprise rate cut?) today that might spike us up into the 2640-2650 area- spike will be short lived.
: : : : : : : : Well, so much for the "big day"- expectations of some soothing words from the Fed meeting on Weds will be needed to get these markets moving higher again. Don't look for them to be pricking any bubbles now! There is now a triple bottom in the 2584 area which is the 50% retrace of the move up from 2535. If this does not hold, look for 2573 (61.8%), 2558 (76.4%), & 2543 as possible bottoms.
: : : : : : : : : All time frames (long, intermediate, short, and 15min) are now targeting the 2640-2650 area. Could get there tomorrow if we have a big day. May not see new highs on the Dow or the S&P if the COMP continues to outperform.
: : : : : : : : : : Be careful up here- we are closing in on the 2640-2650 area. Possible multi-month ABC correction of 5 waves up from Aug 04 may be imminent.
: : : : : : : : : : : 2600 target hit- will this wave 5 fail? We should find out tomorrow- so far pull back has been minimal. Long term 2640/2650 target awaits.
: : : : : : : : : : : : 2550 may be as low as we go here- if so wave 5 up projects to 2600.