2 years ago we published our last commentary on SPY. In that post on the chart referenced on this chart we stated "Our long range analysis of the market has not changed, as there is another high on our radar that we will be targeting." The market is very close to that target, the high being 228.34, 1.35 away from the target. Only time will tell if that difference will be made or not. However, for our purposes and looking at the immense moves we have pinpointed, we consider it close enough.
As we also stated in the post referenced on the chart, "we always trade long-term trend, short-term counter trend on all times frames that we trade". That is still true. Bullish long-term on SPY since the low in March '09.
We would like to see a correction down to a minimum of 180ish, and would be very pleased to see a retest of the 156ish area, but who can say what will occur? As traders we must trade the price action and not what we hope will happen.
Our analysis at this time is that regardless of whether we get the needed correction or not, the market is poised for a parabolic rise. The only things that will prevent it is another World War, or a total melt-down of the financial system a la 2009 sub-prime debacle.
We will publish our long range targets at a later date..
As we also stated in the post referenced on the chart, "we always trade long-term trend, short-term counter trend on all times frames that we trade". That is still true. Bullish long-term on SPY since the low in March '09.
We would like to see a correction down to a minimum of 180ish, and would be very pleased to see a retest of the 156ish area, but who can say what will occur? As traders we must trade the price action and not what we hope will happen.
Our analysis at this time is that regardless of whether we get the needed correction or not, the market is poised for a parabolic rise. The only things that will prevent it is another World War, or a total melt-down of the financial system a la 2009 sub-prime debacle.
We will publish our long range targets at a later date..
