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May 29th, 2010: Projection To End of 2012

Posted by pugsma on May 29, 2010

12:40pm EST:   This was posted during the week embedded with the daily updates, but I wanted to give it a proper independent blog entry.

See the attached weekly chart for my primary count forecast through 2012. I believe we are forming a 2nd powerful inverse head and shoulders with a neckline between 1200 and 1100. Once P2 completes either now or in the fall, then P3 will break this neckline which will propel the markets past the Oct 2007 high of 1575. You can clearly see this same inverse head and shoulders pattern on all major US Indices (i.e. DOW-30, Nasdaq, and Russel-2000). The 1st powerful inverse head and shoulders break-out occured in July 2009 when the SP-500 broke above the 950 neckline and propelled it to the 1220 by Apil 2010.

This is my technical view of the SP-500. However, I’m flexible and will adust my counts and views accordingly as the waves develop over minutes, hours, days, weeks, months and years. I showed a couple alternate views on the future over the weekend one being the expanding triangle playing out over the next decade and the other being a falling wedge droping down to about 400 by 2012. We are certainly at a critical junction for my primary count as shown. As we move through the balance of 2010, it should become more clear which view is correct.

SP-500 Week Chart Projection To 2012 (5-26-10):

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