Friday, October 14, 2016

MTU Weekend Ed. - a Pencil and a Ruler

This week's price action in SPX placed the green line at risk. A decisive push below the 5-week range will bring SPX to retest the red neck-line. A real breach of that red neck-line will make the post-Brexit breakout a false breakout at a larger degree. In that case, a meaningful low could take place in Q1 of 2017.  See Chart 1.
Chart 2 presents potential paths in SP500 Emini futures from the August high.




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