Move up was 49 trading days which is within Gann's range (42-49) for a final blow-off of a bull market.
Interesting. From your analysis, where do you expect to find the SPX support level? I can't imagine value investors would let it crash to the 1400-1500 area.
I expect we are in a bear market for the next 6-24 months. The 1400 level is what I have been looking at but I don't think it will happen quickly. This could change with an announcement of a new QE event. Don't fight the central banks...
The square of the 2009- move shows price at 1400 in 2018. The path to get there is the big question...
I don't pretend to be a knowledgeable chartist nor do I trade on technicals, but I do watch and listen and try to understand the chartists' logic. Thanks.
Just so you know, I currently own some QQQ for a nice bounce. I believe we are in a bear market but the bounces can be significant. I trade mostly ETFs based on my view of market conditions. I got short biotech, emerging markets, and financials over Christmas (short by going long inverse ETFs). I closed those positions last week.
