Oct 13th, 2010: Update 2 – Break-out?
Posted by pugsma on October 13, 2010
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7:25 am EST: The Nasdaq-100 is within 3 points of making a new recovery high above the April 2010 high of 2056. Once this happens the P3 wave down theory (i.e. Perma-bear Market Forecast for a collapse below 667 on the SP-500) will be invalidated on the Nasdaq-100, the market leader. Once a leading market index invalidates a particular count, it’s typically only a matter of time before the others will follow.
Now take a look the SP-500 Weekly chart below. Notice it has broken out the final bear descending trend-line and out of the Diamond Pattern consolidation that has occured over the past year. Note, the Diamond Pattern as a break-out target of about 1600 to 1650 by year 2012.
NDX Futures (6:46 am):
SP-500 Weekly (7:08 am):
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