The Great Cryptocurrency Conspiracy of 2018....The truth, the whole truth, and nothing but the truth about cryptocurrencies—and how Wall Street and Washington are covering it up....Register Here for this FREE Event

Wednesday, March 6, 2013

Final Stages of the Advance on SP 500....The Wave Pattern

Our trading partner David Banister has been projecting a potential rally pivot at 1552-1576 for many weeks now. The recent drop to 1485 although harrowing, was a normal fibonacci retracement of the last major rally leg to 1531 pivot highs. Banister believes that this 5 wave advance 1343 pivot lows is nearing an end based on mathematics and relationships to prior waves 1-3.

At 1569 the SP 500 would mark a perfect fibonacci relationships to waves 1-3 for this final 5th wave to the upside. In the big picture, we are still working higher off the 1010 pivot lows on the SP 500, and this rally takes 5 full waves to complete. He thinks we are near wave 3 highs, and wave 4 correction would be up next, followed by another thrust to highs if all goes well this year.

That all said, a multi-week correction and consolidation wave 4 pattern is likely once we pivot at 1552-1576. We should expect this correction to retrace anywhere from 80 -100 points on the SP 500, but one week at a time.

Click here to see his updated pattern views and sign up for free reports.





Get our Free Trading Videos, Lessons and eBook today!

No comments:

ShareThis