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.

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