The old target of 36-38 is now in sight and will mark the end of the current upleg in stocks. As soon as we have the 13 count in the signs are for a correction down and in VIX terms up. A 38% retracement of the SPX would bring us back to 740 before we make another wave up to 870. For now 800 should mark the top in the SPX.
Wednesday, March 18, 2009
VIX tech update - indicating wave 1 up comes to its end
The old target of 36-38 is now in sight and will mark the end of the current upleg in stocks. As soon as we have the 13 count in the signs are for a correction down and in VIX terms up. A 38% retracement of the SPX would bring us back to 740 before we make another wave up to 870. For now 800 should mark the top in the SPX.
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