14 June 2006
Market Observations: "&P 500 decisively penetrated the neckline after 2 intraday rally attempts that failed. There are 3 numbers to watch for now. The first is 1209.7, that is the projection of the ABC down pattern the market is having. A side, being 1326.7-1245.7 , B side, being 1245.7-1290.75 and C side, projected to be 1290.75-1209.7, given that A=C. The second number to watch for is 1168.2 the reaction low of last October and the third number is 1165 which is the projection of the Head and Shoulders top. "