Why I have not been posting alot of numbers iS becauSe the day ranges are so tight I can't get PRECISE projections to work with. The wider the ranges are the easier it is, as the narrow range is just sign of choppiness and sideways action but never the less I always try to use large time frames which are less distorted to see if there are any projections to look at.
Presently I have a downside projection of 847 on the S&P and an upside projection of 943 which is a gap fill and 'should' provide heavy resistance to get through at least on the first try.
The 847 level is very key because if we don't hold there we will definitely see 820/823 in a rush. My scenario here is this: if we see 847 before 943, 847/850 is a screaming buy!!!! Why? because unlike most other bears I don't believe we crash and burn so easily to see new lows, well not now but definitely later. So my scenario would be if we head down to this area and bounce we will make it up to the last swing high and head much higher and then complete this dreaded wave 4 (or 2 which some think it is). We will see soon enough.
MARKETJEDI
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