200 EMA at abt 1429.9 now........A logical place for this correction to finish, Looking at Breadth and Equity P/C I'd say that 1434 is not out of the range of possibilities, bounces notwithstanding
That would imply a 6.88% correction.....not totally unreasonable
Look what stopped the March Correction (hint Red Line on Chart)
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=3&g=0&i=p86505496911&r=6196.png
If A Double Top then on Intraday Basis,
Started by
Woody
, Jun 25 2007 07:59 PM
2 replies to this topic
#2
Bob-C
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- Traders-Talk User
- 5,316 posts
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Posted 25 June 2007 - 08:13 PM
Hi Woody, thanks for your SPX chart, insights, and your SPX target.200 EMA at abt 1429.9 now........A logical place for this correction to finish, Looking at Breadth and Equity P/C I'd say that 1434 is not out of the range of possibilities, bounces notwithstanding
That would imply a 6.88% correction.....not totally unreasonable
Look what stopped the March Correction (hint Red Line on Chart)
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=3&g=0&i=p86505496911&r=6196.png
Cheers,
Bob-C
Disclaimer: None of my posts are meant to be taken as investment advice or trading advice. Do your own due diligence and consult your financial advisor before making any trades or investments.
#3
Trend-Shifter
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- Traders-Talk User
- 323 posts
Member
Posted 25 June 2007 - 11:58 PM
That would imply a 6.88% correction.....not totally unreasonable
Look what stopped the March Correction (hint Red Line on Chart)
What I found interesting in Monday's decline was that RSP (equal weighted S&P 500) declined 0.97% while the ^GSPC declined only 0.32%. Usually they are very closely related. So I buy into the notion that things have changed and your red line in the sand 'Bears" attention.
Only in geometry can a line go into infinity.
