A pull back into late June 30th 5/8 TD low is expected to test the 4256 area. A fairly strong rally is expected into July 1-2: a 3/11 TD low is expected on July 6 with a final high on July 7. We are 3 TD's past the full moon and due for a pull back.
For more updates, please visit my blog. I believe I have underestimated what is coming on the downside from July 7th to August 2-9.
Part of trading is understanding when you are wrong and repositioning. I was basing my predictions on a 10-15% correction. Based on the banking index and transports/Dow30 and the 72/144 week cycle, we may see much, much more.
BTW GDA, this is the Fearless Forecasters. If we can't make a forecast and admit when we are wrong without nasty snide comments, then why post here at all?!
I admitted and corrected the early short at 4280 and got out at 4274. We just hit 4300. Now I'm saying 4256/57 late tomorrow. A move back above 4300 looks to be in the cards before this weekend, IMO. I reserve the right to change my mind.
Look at the chart. 10-15% corrections are few and far between, yet you are calling for one every week. I wouldn't call this "fearless forecasting"
I'm hardly on this board ever. I don't call 10-15% corrections every week. That is a ridiculous statement. Look at the banking index. Look at the transports. Also,we are in the area of the 16 month cycle. I stand by my statement and believe that 10-15% is is an understatement. Right now, I see a likely move back to 4241 by tomorrow and then higher into the 2nd of July to new highs above 4300. After that, I will reanalyze.
