No replies to this topic

[Net]

This target is calculated using the impulse that started yesterday afternoon on a 30 min chart of the SPX. If the 1421.21 low after today's earlier high holds, then the contracted .618 target is 1433.48. The current retracement from today's high to the 1421.21 low is 29.8%. If there's a downside abc in progress that will make a new low to a fib retrace level, the upside target adjusts downward as follows (all .618 contracted objectives). Fib retracement levels with new upside targets are: 38.2%: $1,419.53 --> Upside: $1,431.80 50.0%: $1,417.19 --> Upside: $1,429.46 61.8%: $1,414.85 --> Upside: $1,427.12 While the current low forcasts a new high, making a lower low to the 38.2% level forcasts a double top (12/18 high = 1431.81), whereas a pullback to about 1415 suggests a run up to the downward sloping top channel line.

Edited by Net, 11 January 2007 - 03:43 PM.