A possible target for the decline

Click to enlarge

Yesterday I posted up a chart showing the possibility of a c wave decline on the markets.  Today the price of $SPY broke through the support established on 8/16.  Here is a chart showing a possible target for the c wave decline.  First I measured the rally set in on 8/9 and drew a line down to the first lower low established on 8/16.  I copied the line and moved it over to line up with the lower high established on 8/18.  The target are is around 104.40 and corresponds to supports established previously (shown by black arrows on the left).  This is a possible example of a mix of fractal geometry and Elliot wave theory at work.  The next few days should show if this pans out.  As always one has to be ready for all scenarios.

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One Response to A possible target for the decline

  1. […] the markets opened lower once again, going down and hitting the exact mark I called a few days ago here.  We then bounced off on account of the bottom pickers and rallied up nearly 5 points on the […]

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