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Thursday, June 4, 2009

Banking Index Update

Well I theorized the banking index might have a last new low on the SPX move down to 923. But it didn't quite happen. But the correction up is happening. And it fits nicely into my projections still for a SPX P2 top. When the SPX makes its top, the banking index *should* be on a Minor (or Minute) wave 2 top of some sort.

The SPX will need the participation of the banks to breach over 950. After a jiggle back in a (b) wave, they will be ready to make their final moves up.

By the way I keep this chart and a few others on my public chart pages. Link on the left of the blog.

6 comments:

  1. High Danric, thanks for posting this chart.. I'm a serious n00b to elliot waves...can you tell me what you see on the rifin? I suppose you can guess why...

    thanks,

    cheers!

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  2. Dan, Kass just predicts a 50 points drop for SPX next. What's your view on that?
    http://www.thestreet.com/story/10508113/1/kass-next-big-move-will-be-down.html?puc=_ttt_html_pla9&cm_ven=EMAIL_ttt_html

    ReplyDelete
  3. To Dan From Max Cherry,
    Back to the long term count , your own chart has the 50% at 1121 not 1000 and 1014 is 38%

    ReplyDelete
  4. I confirm that todays is the Top

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  5. Re: Mandy. I think Kass miss a 0, The next 500 points move is down.

    ReplyDelete