The Big Picture: Jun 29, 2015

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.]2015-06-01 SPX daily 0712The 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.

SPX daily CU 0745Things seemed to go cattywampus on Jun 15 when rumors that Greece was fixed sent SPX sullied the rising red channel (and falling white channel) that suggested the Jun 22 timing.

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.

2015-06-29-SPX daily 1341Score one for charting.  The next step is to square the speed of today’s move with our analog from March.

Stay tuned.

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