4xForecaster

Update: Target Hit ... Relief Rally ... Solitary Target | $SPY

AMEX:SPY   SPDR S&P 500 ETF
204 0 3
Friends,

On January 25th, we defined two bearish targets, one primary at 176.19 and a secondary at 167.97. In the interim, we also introduced an alternate Wolfe Waves 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:
Update: Week In Review/Forecast | #SPY #SPDR #SP500
.

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 bearish candle, leaving below a secondary target at 167.97 still intact.


OVERALL:
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.

Cheers,


David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA

PS: Here is a weekly SPX             chart worth             considering:
https://www.tradingview.com/e/GK5wJ5WN/


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Recent forecast hits:

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Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. We trust that you would do your own due diligence first, then seek professional advice from a licensed professional and enter the market at your own perils - David Alcindor - a.k.a.: 4xForecaster | 4xQuad, LLC.

David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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