On January 25th, we defined two targets, one primary at 176.19 and a secondary at 167.97. In the interim, we also introduced an alternate pattern, with a target 1-4 Line which we anticipated to play as a backstop against a declining price ... And it did just that - See most recent analysis here: .
As of today, 06 FEB 2014, we are expecting a relief rally in the order defined by the pink shaded zone (we have named this typical relief zone as "EAGLE's Nest, where "EAGLE" represents an (E)xtrememly (AG)gressive (L)evel of (E) to the counter-trend trader).
Obvious in the chart at this point is that our target has been hit and even transgressed by a single large candle, leaving below a secondary target at 167.97 still intact.
A solitary target now dwells in the abysm below still intact and in force, unless a candle closed above the EAGLE nest, a sign that should concern bears.
David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA
PS: Here is a weekly SPX chart worth considering:
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