2/23/09No follow though day after last friday hammer candlestick, so no reversal pattern, down trend still continue. But even today the S&P closed the lowest since 1997, still above the intra-day low 741 on 11/20/08. There is still little hope for Bulls. Now I offer three market direction that I could forecast based on weekly chart pattern.
Bearish case:
If S&P below 741, the target I see is around 615-625 ultimately. However, if tomorrow bounce back close above 805, it will end this intermediate down trend.
Bullish case:
If S&P does rebound tomorrow and hold the 741, also and close above 805, it has better chance go up to 925.
Bearish Trap case:
This is adding time into analysis, S&P may get below 741 and will bounce around 730-735 area til close back up to 780. Why? Time. 11/21/09-1/6/09 is uptrend rebounce, then by same amount of day trending down, it will be tomorrow 1/6/09-2/24/09. Watch over closely tomorrow!!!
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