Friday, September 24, 2010
Here is a five point box, one box reversal point and figure chart showing 24 hour e-mini trading. I last commented on this chart here.
The market has already moved past the count objective for the base that formed across the 1045 line in late August. The next count objective can be obtained by counting across the pair of bases that formed in August (green horizontal line). The count objective obtained from this is 1235, about 20 points above the April 2009 high.
I think this is yet more evidence that the 17% correction of April-July 2009 is over. This market is headed first for 1235 and then over the 1300 level.