The selloff to 1640 took us to a .618 retrace ... which would make wave 3 UP directly ahead of us.
We have 2 weeks now to make it to the upper boundary of the 2009 rally channel at 1768 SPX. That would be a pretty blistering pace -- can we do it? Maybe the market will be excited about the Peace in Our Time being achieved inadvertently by our incompetent chief executive?
Can we get a proper blow-off top now, a real doozy here?
I will be severely off the grid hiking in the Sawtooth Range of darkest Idaho all next week, so no posts here until next weekend. Heading out to the Boise at 6 a.m. tomorrow, packing a 7-piece Orvis fly rod and a mess of scotch. These are survival tools.
Good luck to all!
|SPX 09-06 - legal 5-wave impulse from 1628.05 low|