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.
dealmaker or breaker will be the lehman cds auction results at 2pm est
ReplyDeleteThe VXO almost high 100!
ReplyDeleteWhat a selloff ...
Hi Carl,
ReplyDeleteYou 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