Friday, March 1, 2013

we have an inverted H&S, so above 1524.50 now and we should go to 1567.25. The inv. H&S suggest 1524.50 is 1:5.  There should be a spear waiting for the SP at 1567.25.  That falls in between our last two big tops and is a great place for a flat pattern to die. Spear through the heart, but SP needs to trade above 1524.50 to trigger this projection.

Charts show a sure bullish pattern for now, they may jack it up to some new high Sun or Mon but going to 30/40 points at this stage is unrealistic but as things are they could.
Conversely Monday can also be a Key reversal day to go down at some point.  If you look at daily ES futures it is a pattern called gartley that could work:

One straight line up from 31 DEC to 19 Feb and then one down leg and then one up of last 4 days.
Usually if this pattern works it is like an M with the last 4th leg extending down.

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