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.


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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