of which this graph is a partial.
AND as noted several times, the SPX is headed for 1566 on or before March 28th with the Dow well above its 2007 highs- & SO FAR today has breached that level to as high as 14,286.
THE SPX has reached the 1542 level and for NOW, we would expect the next bigger move to back off some- HOW MUCH ,YOU ASK ? good question-
WE got an extension of 40 pts from 1501 which was equal to the prior upleg from 1485 to 1525, which was then followed by a retreat of 60%X 40 = 24pts; which would not settle back to the 1518 area.
WHEN, you ask? another good question.
Since the market has already reached its extension level at 1542, then we would expect 1518 to get hit on the Bradley date of March 7th. THE EKG showed the action quite well and now indicates some fall back also.
Stay Tuned for further updates
Jay
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