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Dear Subscribers,
Stocks are up sharply Friday, but have not exceeded last Friday, April 17th's top, so our forecast from Thursday evening remains intact. Today's rally looks to be the final wave c-up of an a-up, b-down, c-up for the middle wave, b-up of (2) down, shown in last night's charts. Next should be c-down.
Should prices exceed last Friday's top, we have changed our thinking, believing now that the Rising Bearish Wedge pattern would be extending, and we are topping here, with the same downside targets, 7,400 for the Industrials and 780 for the S&P 500 yet to come. This is what occurred in Canada's TSX today, a new high, so we redrew the charts to reflect a completing Rising Bearish Wedge in this index. If you would like to see those charts, we have now posted the Weekend Australia report, and on page 8 we show the intraday Canada TSX charts and that Rising Wedge pattern, as well as what we expect this afternoon into Monday based upon the 30 and 15 minute Full Stochastics, which are topping as of 2:00 pm EST Friday. Go to www.technicalindicatorindex.com and click on the Australia Weekend button.
The Weekly Full Stochastics are topping in most indices, so this is a strong indicator prices are topping here. Also, the 30 and 15 minute Full Stochastics are topping in the Industrials and the S&P 500 as of mid-day Friday, so a decline over the next few days is likely, based upon those indicators as well.
We'll have more for you in this Weekend's U.S. Newsletter, available late Saturday, April 25th.
Best regards,
Robert McHugh, Ph.D. |
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发表于 2009-4-24 02:53 PM
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