Sunday, May 12, 2013

Getting closer...

The market is coming closer to some sort of top.  It might only last a month but the ensuing sell off should be frightening. The minimum target I have for the correction is 1500 on the S&P.  However, it could be as low as the 1420-1440 area. The following price structure does not allow for much more upside. I mentioned the other day how we could see a false breakout to the upside above the upper channel line but it should fail just like the false breakdown that occurred 3 weeks ago.  Regardless, an intermediate term top is now upon us and very little upside can be achieved until the market trades down to 1500.

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