The S&P 500 index of US is a reliable benchmark for traders as well as investors, although people in general watch Dow Jones Average more. What I present here is an open secret - S&P 500 cash index made Double Top (2000 Top and 2007 Top), and yesterday it did what was most fearing for those who trust technicals - the breakout of that Double Top on downside. The number 768 was very important as was 1077 on S&P 500 and yesterday it closed well below that !
Now, considering the Double Top as a strong case, the target is way too down, so horrifying that I leave it to you dear readers. However, as I've already stated, this is not a trading recommendation as the time period is too large to consider tradeable.
As discussed - I guess we might first see 400-500 as you've been saying (assuming the double top in ratio terms (or log scale) .. then a re-test of that 800 area and finally (1450-800) - 800 in about 10 years from now. OOO?
ReplyDeleteyeah, whatever happens to absolute numbers but one thing is sure - OOO becomes OOOPS :-)
ReplyDeletePS = Perfect Shunner
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ReplyDeleteis sharing information, that's actually fine, keep up writing.
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