As I indicated on Page 5, a target for Wave C could be as shallow as 1342 if you get a simple C=A "measured-move".
Market tracking as expected. Should see another 2 days of upside and targets of SPX 1440.65 / 1444.45
I think you'll find the net result of the next two days will be down. We are approaching a fib retracement point that should knock us back a little. Nothing major. Of course I could be wrong, but if that were the case it would be the first time EVER!!!! Except for that time when ..., and ...., and ... oh nevermind.
I just wanted to opine that I love this thread title. You guys may be jaded traders, but please try to be as eloquent in your prose as the OP. (Thread title reads like an Egdar Allen Poe Novel)
Yesterday, we hit the 1440.57 level which was the initial target for this sequence ( see previous posts ). There is a 60% probability that the market has reached the peark of this "B" wave. The support today is at the 1435.45 level. Should this level be penetrated a decline to the 1432.65 will occur. This is a critical point today. Below 1432.65, and such a close will signal a top and the beginning of a 5 to 8 day decline.
It's difficult to predict what this move is. We break above 1450 on the spoos, that means we already had the ABC and now going to make new highs. We break lower this week and that means we have C wave completing near 1350. Either way, the markets have already made the orthodox top. The next top will be the blow off top which will be a new yearly high. The blow off top is to be short sold with maximum leverage on any signs of weakness. It will be the beginning of a 5 wave multi year correction to work out the excesses of the past decade.