An Extremely Important 5% Follow Through Major Sell Signal Occurred For The S & P 500 (SPX)
An extremely important 5% follow through major sell signal has occurred for the S & P 500 (SPX), which indicates that SPX's Cyclical Bull Market since October 2002 probably/very likely (can practically bet your life on it) peaked at 1555.90 in July 2007, see chart 1 at http://www.joefrocks.com/GoldStockCharts.html.
This is obviously a huge very important sell signal. The major downcycle since July's cycle high at 1555.90 is probably NOT a correction (http://stockcharts.com/charts/gallery.html?%5Espx), it's very likely to be the first Wave A type downcycle of a new Cyclical Bear Market.
SPX's cycle low on Thursday is probably more like the equivalent of a monthly cycle low in terms of how long the upcycle will last (about 3-5 weeks, maybe less), and, this upcycle is very likely to be a countertrend Wave B upcycle of a very large Elliott Wave ABC down up down downcycle. This means that there's very likely to be another huge vicious downcycle in Wave C, once the current Wave B since last Thursday peaks in a few weeks.
Note that in the downcycle from the July cycle high at 1555.90 to Thursday's cycle low (http://stockcharts.com/charts/gallery.html?%5Espx) that the Wave B up of that downcycle lasted a grand total of only TWO DAYS, which is a clear indication that the downcycle from the July cycle high at 1555.90 to Thursday's cycle low is probably only Wave A downcycle.
After that vicious Wave C downcycle bottoms THEN a respectable lengthy multi month intermediate term upcycle should occur for SPX.
....... http://www.JoeFRocks.com/ .
This is obviously a huge very important sell signal. The major downcycle since July's cycle high at 1555.90 is probably NOT a correction (http://stockcharts.com/charts/gallery.html?%5Espx), it's very likely to be the first Wave A type downcycle of a new Cyclical Bear Market.
SPX's cycle low on Thursday is probably more like the equivalent of a monthly cycle low in terms of how long the upcycle will last (about 3-5 weeks, maybe less), and, this upcycle is very likely to be a countertrend Wave B upcycle of a very large Elliott Wave ABC down up down downcycle. This means that there's very likely to be another huge vicious downcycle in Wave C, once the current Wave B since last Thursday peaks in a few weeks.
Note that in the downcycle from the July cycle high at 1555.90 to Thursday's cycle low (http://stockcharts.com/charts/gallery.html?%5Espx) that the Wave B up of that downcycle lasted a grand total of only TWO DAYS, which is a clear indication that the downcycle from the July cycle high at 1555.90 to Thursday's cycle low is probably only Wave A downcycle.
After that vicious Wave C downcycle bottoms THEN a respectable lengthy multi month intermediate term upcycle should occur for SPX.
....... http://www.JoeFRocks.com/ .
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
4:42 PM
