Wednesday, March 17, 2010

Market Timing Update (3/17/10 Close)

Bottom line - SPX either has topped or could make one more squiggle high.

The the wave structure over the past 2+ days is an ending diagonal, today's high should be the end of the rally since at least the Feb 25th low. Otherwise, there's potential for a final squiggle high with targets around 1173-1181 in SPX cash, against the backdrop of the bullish tailwind, to complete a regular impulse. Dropping below the Mar 15th high confirms this peak.

1 comment:

  1. How is it possible that no matter what the market does and no matter how bullish the tape is you somehow manage to always come up with a bearish count showing an imminent top? This is just ridiculous! How can it be an ED when there is no overlap of waves 1 and 4? How about some objective wave counts instead of this permabear nonsense.