How did I get 1006 area

Well the projection is actually 1007. The question again is whether this will be the HIGH and another leg down perhaps breaking 666, or will this be a higher bottom test and then a longer rally to 1100-1200 on the S&P.
The best analysis for the bulls is the reverse Head and shoulder pattern in place on the daily and it would have a target somewhere up to the mid 1100 area. Since reverse head and shoulders are just that temporary patterns it would match up with renewed weakening of the economy and over valuation of stocks leading to aggressive profits taking. If the reverse head and shoulder pattern take complete form we will print 1007 for sure this week, the 37% retracement stands at 1028 and then the 50% retracement is 1125.