Measured-Move Complete at 1375

First leg off the highs was 128 points.
Subtract 128 off the counter-trend rally high at 1503 . . .

1375

Measured-move complete.
Am done playing the short-side.

 

Great job Wags.

 

Thank you Sir!

 

Beautiful call. Just about spot-on. Great job!

 

Yes, outstanding. That is what I like to see, trading calls backed by analysis, not useless drivel like "IT'S THE END OF AMERICA!!!!11".

 

I'm with you waggie, you beat me to the punch by a few points, but am out of all index shorts.

 

Brilliant call.

 

I mentioned this "measured-move" target to Pabst and Longhorns over a week ago via e-mail. The counter-trend high at 1503 gave you the necessary info to look for atleast a .618% ratio of the initial leg down (to 1424) or a full "measured-move" target of 1375 which equaled the first leg down of 128 points.

I also posted this target earlier this week.
Just a classic technical tool from my floor trader days in NYC.

 

Sending you a PM to add me to that email list buddy

 

Thanks!

The SPX just retraced 61.8% of the move off of the lows back to 1482.

Put in an intra-day double-bottom and is now powering higher!