The lower channel on the daily is at 825 and rising 5 points per day. My feeling is to ignore that level. The market has broken down from a long congestive period and the break here should be hard and fast. Today’s acceleration is normal for this type of break. Here’s an idea to file for later. The lower channel on the weekly chart is at 714.
click chart to enlarge
3 responses so far ↓
1 hope // Jan 14, 2009 at 1:32 pm
Wow! 714 sounds pretty bad! Originally you had projected 812 but the new work is suggesting another 100 pt leg down! I guess the Feb5 date of the solunar chart has time to make this happen!
Thanks
2 alexk // Jan 14, 2009 at 4:56 pm
I come up with 03FEB09 as the next probable time target via a different approach, cf http://www.riskengine.com. If this is indeed wave 5 down, another 100+ points on the S&P / 1000 on the Dow would indeed not be outlandish.
3 tobject // Jan 15, 2009 at 1:52 am
Mid Feb +/- cycle shift for 3 of 5
http://forkoholic.com/images/nymo120908.jpg
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