S&P 500 Nature Voodoo Magic Stuff
- Posted by Greg Harmon
- on January 29th, 2013
There are numerous opinions and charts showing that the S&P 500 looks bullish. I have put forth many myself either directly or through my new firm. And because that was not enough here is one more. A simple Harmonic ABCD pattern. From the June 2012 Low (A) to the September high (B) measures 207 points. Added to the pullback to the November low (C) gives a target for a top at 1551.12. The other method of extending the measurement in this chart looks at the pullback from (B) to (C), 63.1% of the (A) to (B) move. From there the reciprocal 158.4% is used as an extension
of the (B) to (C) leg. What target does that provide? Exactly the same 1551.12. You may also remember that Harmonics give an estimate for the time to get to the target as well. The time from (A) to (B) can be used to approximate the time from (C) to (D). This gives a target of March 1st or March 2nd. My son’s 8th Birthday and my daughter’s 6th Birthday! Wouldn’t that be a nice present.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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