S&P 500

In an earlier topic Carl Swenlin forcast a target of 350 here. From an Elliott perspective, a fully developed Expanded Flat correction would do the trick and then some.

cs

Yep. Easy. Dont need a chart to tell one that, but it is a good confirmation. Just see my post on Home price drops and SNP dropping. happy trading. Short everything and anything. If you can stomach the whipsaw, you will be a happy camper. eventually. im goign to shrt the indexes in a massive way.

In an earlier topic Carl Swenlin forcast a target of 350 here. From an Elliott perspective, a fully developed Expanded Flat correction would do the trick and then some.

cs

I have presented this chart many times over the past year with three bear market targets. The 610, the 313 and 89 based on the 36 year cycle low due 2010/2011. I have not updated January 2009 into the file yet.

LT

okay: this is the best yet ... spx 89 as a reasonable target. i'm sure there will be no objections ... lol/rotf!

Edited by humble1, 14 February 2009 - 01:03 PM.

LarryT Nice chart, thank you. I don't recall seeing that. cs

The price of oil has dropped from 147 to 38 in 8 months. Anyone who's been around markets and charts for more than a few years will not be surprised. Larry T: your e-wave work is appreciated and noted. Thanks.

Thanks everyone, looks good to me.. GM considering chapter 11. CHICAGO (Reuters) – General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition. "One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked." Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing. GM declined to comment, the story said. General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans. Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low. GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said. GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.