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27Aug/09

Fake correction followed by a fake rally?

The past 4 days The S&P and many other markets have traded within a very narrow range.
There have been doji candles galore. trendlines, averages, bullishness ratios and even the Elliot Wave expert said rally is ending and a correction will come sooner or later that will surpass the march low.

I have taken the liberty to put up a few $SPX charts with possible short term outcomes.

The big picture is in the first image (Click to Enlarge)
I am looking for the S&P to go to 1010 to lure in bears and then bounce off the trendline and make a higher high to fool the  bulls and shake the bears. Then lastly (not in these pictures) I am looking at 950's as a conservative bet.

spx-aug27-09Here is a closer look short term view.  Upside target is 1040-1050.
spx-aug27-09-closeI hope you enjoy my opinion and feel free to comment your own.
-K

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  • http://investingfreak.com/2009/09/mini-correction-mini-recovery-then-massive-correction/ Mini Correction, Mini Recovery Then Massive Correction? – InvestingFreak.com

    [...] Correction? Posted by K Sep.01, 2009 in Market Analysis As I posted a while back, (See the “Fake Correction Followed By Fake Rally?” article if you missed it) the $SPX (The S&P 500 Index) has nicely corrected to satisfy me that [...]

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