- In Trading Thoughts / Economics
- Last Updated: 16 November 2013
- By Gary Caumont
3147 did not "stick" and with my 3237 target canceled yesterday we have today (10/10/12) completed an ABC down from the 9/21/12 3097 high- see the following 15day daily chart.
A start at 3197 to the center of B at 3125.5 projects a 3054 C target. Today's close was 3052 with a low of 3047. The vertical lines indicate 11 day intervals. If we close below 3054 tomorrow we are starting a new A down (cascading ABC's) and may see a possible B top on 10/16/12 which is 6 days after the last 11 day interval of 10/8/12. Conversely, a close above 3054 tomorrow (that sticks) starts a new possible 5 wave move up which I would expect to be short term complete by 10/16/12.