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... Red Dragon Leo

Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.

Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.

... Red Dragon Leo

If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?

... steveo77

Great thought…calm before the storm. Keep it simple. Don't let all the squiggles cloud your view from 3000 feet

... Red Dragon Leo

Yeah Steveo… Too many lines on a chart will just confuse everyone… including the person drawing it! There is a downward sloping trendline from the 2007 high to about the 114 spy level, as well as the top trendline of an upward sloping channel.

Bottom line… too much resistance to go through on the first attempt. A pullback is needed first.

... Red Dragon Leo

If your move down to about 1080 is the “B” leg, then your “C” leg will follow back up… but to much higher then 116. Or, the “B” move down is to 1103 by about Monday, and back up to 116 by OPX. Then a move down to 1080 by the end of the month or early February. So, we both could be right?

... steveo77

Great thought…calm before the storm. Keep it simple. Don't let all the squiggles cloud your view from 3000 feet

... Kmoney

I have the spy doing an A-B-C up to about 116.
One of us is right………………..or we are both wrong lol!

... Red Dragon Leo

Limited means that we are hitting some pretty heavy resistance at the 113.80-114.00 SPY level, and rarely can the market break through without a pullback first.

Think of it like a soldiers coming up again some heavy artillery. They would fall back and re-group before attacking again.

That level has multiple trend lines intersecting it, which means that's it's really tough to go through on the first time hitting it.

A pullback to the 1080 (SPX) area would give the market time to rest and try to rally up again. I think 1103 area is first, then 1080 by the end of the month or early next month.

Red

... Kmoney

And what does limited mean? 1200?

... buddhabill

I have been anticipating a wicked whipsaw end of first week of Jan for several months. 5% drop to get the bears back in, all-in, and then squeeeeeeeeeeeze.