SteveGoodwin
Long

Is the elusive cannon pattern about to trigger?

FX:SPX500   S&P 500 index of US listed shares
40 0 1
Are we about to see a strong price move higher, similar to 2014?
http://market-observer.rhcloud.com/2015/05/03/uncategorized/elusive-cannon-pattern/

What you haven’t heard of it? That’s not surprising because it is only rolled out at times when a FMOC driven market has whipsawed sideways for months and coiled into a wedge that’s so tight you’re either mostly in cash — watching for the obvious breakdown that’s about to occur or waiting for “confirmation” to redeploy capital. I’m not saying a substantial correction isn’t going to happen, but how many times has that been said in the last 5 years only to see the wall of worry extend higher.

Up 6 to 9% higher by the end of summer
The measured move target when price exits the barrel is somewhere between the fibonacci extension levels 1.38 and 1.61 based on the bottom of the cannon and its’ top. That would put price in the 2250 to 2315 area.

Oh, but note what happens after price achieves it's target level...

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