S&P 500

Here's a simple view showing why 1746 provided the bounce the other day. Shame I hadn't seen this at the time:



dl.dropboxusercontent.com/u/20815047/FTS...500daily11_11_13.png

diver993 wrote: Hi Wavesurfer,

I never did understand the pitchfork - except for use with hay - perhaps you would be so kind as to educate me?

WS - may do a video on it and send it to remo, there is lots of information available on the net via google or look at "Median Line Study"...

I didn't mean to infer a correction was about to happen, merely a retrace often happens at 100% extension. We wait to see huh?

WS - was not in response to your post, i had intend to post on both spx n dow over the weekend. i agree with you btw but remember that 1779 was hit in futures - cash market it has yet to hit.

futures market we hit 79 and immediately got a reaction 79 > 39 pullback and powered back up again.

As a trader i want a decent pullback, maybe that was it on thurs/friday last week, enough to satisify, but there is a gap and i must take note and keep an open mind of it which is around 1733/34 spx. the pullback will be imo an opp to buy the dip.

either way, i think this week is going to be important to determine where we are headed short and longer term. im bully.

rgds WS
Diver

Hi Wavesurfer,

I never did understand the pitchfork - except for use with hay - perhaps you would be so kind as to educate me?

I didn't mean to infer a correction was about to happen, merely a retrace often happens at 100% extension. We wait to see huh?

Diver

the power of the bull....

here is the weekly SPX chart - may look complex at first sight but it really is very simple and powerful clues esp when Fibonacci as at work - really is forking amazing

dl.dropboxusercontent.com/u/40497882/S%2...BullMarket_fibbo.JPG




my 1st target of 1779 is met, my next target is 1800/1850 (mentioned on the chat feature to the regulars for several weeks now)and ultimate target is in 1900's maybe the end of the bull ???, we will see if it get there, as i say 1 step at a time, price it is trading within, abv or below is the important factor.

also i posted up back in may 2013 yearly projections on dow, ftse n spx. here's the updated yearly currently. Spx at the time was approx 1550




dl.dropboxusercontent.com/u/40497882/SPX%20Yearly_Update.JPG

i'd be very careful to call the top until key levels are broken down first, dont meant to say a pullback wont come but that is very different to a correction - equally it is also time to be cautious until confirmation of breakout, one way or the other.

Dow potential has a very parabola bull count if it plays out (see my last dow post)

all imho DYOR.... & all the best

Regards WS (remain open minded and trade my numbers up n down)

dl.dropboxusercontent.com/u/7238706/S%26P%20500%20INDEX.png

Apologies if this has already been posted but, do you realise we have already achieved a 100% extension of the move up from 2009 to 1370.6 of April 2011? It looks pretty neat and time for a retrace back to the trend line ..... maybe??

Just had another look at this and the trendline is at 1666 so not quite there yet. Not sure where it is on the cash chart...