You posted a point and figure chart two or three weeks ago which showed a base having developed from which you projected highs on the s&p above 1600.
Since then, we have witnessed the mother of all October crashes, and the s&p is trading far below that base shown in the point and figure chart.
Not knowing that charting system, what happens to that base and price projection now? Does the base become a base for prices in the reverse direction, that is, is the base now predicting a price move by as much as you originally showed, but in the opposite direction, that is, down?
More generally, what is your longer term prediction (out 6 month to 1 years) for market direction and price at this point?
Congrats on nailing a very profitable trade this morning in this crazy fast moving market. And good luck on the trade in progress.
3 comments:
dealmaker or breaker will be the lehman cds auction results at 2pm est
The VXO almost high 100!
What a selloff ...
Hi Carl,
You posted a point and figure chart two or three weeks ago which showed a base having developed from which you projected highs on the s&p above 1600.
Since then, we have witnessed the mother of all October crashes, and the s&p is trading far below that base shown in the point and figure chart.
Not knowing that charting system, what happens to that base and price projection now? Does the base become a base for prices in the reverse direction, that is, is the base now predicting a price move by as much as you originally showed, but in the opposite direction, that is, down?
More generally, what is your longer term prediction (out 6 month to 1 years) for market direction and price at this point?
Congrats on nailing a very profitable trade this morning in this crazy fast moving market. And good luck on the trade in progress.
Greg
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