It was nearly a month ago that we first suggested a drop to the SMA200 in late June. We posted an iffy target in this chart on Jun 1 [see: Sell in May, Go Away.]The question marks matriculated to a full-blown target on Jun 8 [see: June 8 CIW.]
To get to 2050 would require a break in TL/channel support. So, I hesitate to consider it “likely.” For now, we’ll just call it a likely target should the support at the SMA100 not hold.
It required some serious charting gymnastics and patience (and a small measure of blind faith); but, it turns out that the Jun 1 forecast didn’t suck all that much.
Score one for charting. The next step is to square the speed of today’s move with our analog from March.