college_trader
Short

S&P Correction

INDEX:INX   S&P 500 Index
497 5 4
Assuming that my last target price of $1773 was correct (with the market peaking at $1775.22), we are beginning a 4.85% correction with a bottom at or near $1689.15.

This analysis averages statistics of bottom-to-bottom, top-to-top, bottom-to-top and top-to-bottom moves in the index . For this target, I used the top-to-bottom average percentage and applied it to the peak of $1775.22. I then applied total bottom-to-bottom average percentage to $1646.47. These methods provided the numbers $1690.01 and $1688.29, respectively. Averaging these two gives the target price of $1689.15, though it has about $2 worth of wiggle room.

So far I am 3/3 with this method when it comes to providing a useful target range.

Past ideas: https://www.tradingview.com/u/college_trader/#published-charts
Follow me on Twitter: https://twitter.com/college_trader

Disclaimer: This information is provided for entertainment purposes and is not a recommendation to buy or sell a security.
bart.medes
3 years ago
Whats with the $ dollar reference?
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college_trader bart.medes
3 years ago
I'm not sure what you mean exactly.
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bart.medes
3 years ago
Why is there a dollar sign in front of all the numbers?
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college_trader bart.medes
3 years ago
Those are the declines/rallies in dollar figures, the percentage drop/rally figure is above them.
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college_trader
3 years ago
I maintain this call unless we break above $1,775.22 (a new high).
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