Spiders - June S&P E-mini Futures: Short term upside target is 1390 and support now stands at 1335. The market should rally into the 1430-50 range over the next couple of months.
QQQ: A rally to 47.50 is underway.
TLT - June Bonds: Resistance is still at 120-20 and I think the bonds are on the way down to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes are on the way down to 112.
Euro-US Dollar: I think the euro is heading for 149.00.
Dollar-Yen: It now looks like the low at 95.76 will hold. Next upside target is104.00. Support is at 99.00. T
XLE - OIH - USO – May Crude: I think a break of at least $20 has begun. Downside target is 90.00.
GLD - June Gold: The market should be headed for the 750-80 range. Resistance is at 940.
SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1840.
Google: Google still has support at 420 and I think the next big move will be upward. Short term upside target is 490.
hi carl
ReplyDeletei remember hearing from jerry favors that lindsay said we should not attempt to call point 15 to early , in looking back at the monthly dow 3 peaks pattern ive been following im leaning towards point 15 in the month of july 2007
point 16 17 and 18 would then be into the january lows . this places us in point 19 . the alternate is point 16 is the january lows which also fits yet
leaves longer sideways trend
my point is this , while a bullish bias is warrented at the juncture
i think a test of the high's is about all we will see , then we get point 20 or point 18 depending on the complexity of the pattern ,
i realise im deviating from lindsays time spans when i use this larger monthly pattern yet
being a student also of elliott wave theory this 5 point reversal pattern would be consistant with a 4th wave triangle , the january lows being point A . also if i was to use the july high as the top of wave 3 then this a b c decline into january would be labeled wave 4 , hence weare either in wave 1 of wave 5 ( point 19 in lindsay terms ) or we are in wave B of a 4th wave triangle ( point 17 in lindsay terms )both counts call for a test of the highs and a pull back before a break out .
lastly if i am to go with point 15 in july 2007 ( or wave 3 top )
an 18 month sideways pattern would be consistant with a typical corrective time period which would imply no break out untill after january 2009 . so while i do think
this market is going much higher into mid 2010 if not early 2011 before we see a real bear market
im not convinced that we are out of the woods in the broader sence
into the end of the year .
as a bullish note id think a slight poke above 13780.11 would be seen to finish point 19 or even point 17 for that matter , either way i think this market heads higher into early august , ill
re asses my thoughts then .
joe