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| Stock Market Forecast 9-11-11 SPX Chart |
Markets have dropped as I had foreseen a Head and Shoulder pattern being developed on 0/9/06-09/07 when market was rising into new swing high, around said dates.
Market has dropped to the neckline of the said and now properly formed H&S pattern. Usually stock market has two options at the said level, find a minor support, only to fail immediately or just gap and break away from the neckline. If that gap occurs, which is very likely then, market shall drop at least 65 points to find another technical support at the 08/08 week lows.
1 comment:
I think you have to look at both sides. There are indications of bottom process as well with VIX creating numerous lower highs as well as many leading indexes like retail etc. With many bears out there and some recent high insider buying a int low cannot be ruled out I think.
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