With that in mind, and considering the chart I put up showing a deep correction and final higher high ahead, I also want to consider what a more shallow correction would look like -- to the current channel wall in the next week or two.
The problem with the earlier correction to SPX 1485 is that it did not go all the way to the wall of the base channel, leaving us open to the real possibility that it was a sharp (iv) of wave 3, with wave 4 still ahead of us!
|SPX 03-13 -- the "shallow" correction count|
The rally can then wrap up with one last touch on the central tine of this Andrews fork, in late April, or even as late as the FOMC on May 1.
|SPX 03-13 5Y|
This is pretty extended, but can probably go a bit further.
Ugh, I had to install Microsoft Silverlight in order to see the presentation Kyle Bass gave at Chicago recently. This dead platform says so much about Microsoft -- here they were slavishly grinding out a Flash clone, while a real tech leader like Apple simply pronounces Flash DEAD and promptly puts a knife in it. I can't wait for the disastrous future earnings where Ballmer exits in shame and the company is chopped into pieces.
Silverlight plug-in is now uninstalled. I'll reinstall it if Kyle speaks again at the U of C, and then delete it again afterwards.
This weekend is my annual St. Patrick Day's walk to dinner at my mother-in-law's house in Everett. I'll bring a camera and see if there are any fresh housing monstrosities between along the way.