Does the Italian Guy Call the Top??
Open access to Safehaven readers, read below.
Many readers of Safehaven are also registered or subscribing members of Trading the Charts.com. As you know, I was not bearish the recent rally. I have and still will use the reaction towards the SPX 1360 level as my guide. While waiting for this to happen, many markets are now completing their counts. Even if this isn't THE top, it might not be one that you look to buy once 1360 becomes resistance. As of Friday, chances are we have a bit more work to do on the upside, but that plays out beautifully against the chart below.
Much of my work shows that many of the smaller moves from the 2002 low has been based around the 1.618 Fibonacci number. With that said, we must respect the fact that the 1.618-% in time is due real soon. It's never been my style to say the market must do this or that because of a certain count or cycle, but after posting my weekend charts that I do every Saturday on the forum, there are to many things that are lining up as this important date is approaching. At this time of the year we tend to focus on the Santa rally. Maybe it comes this year, or maybe it doesn't and fakes out many of the bulls.
With that said, the owner of Safehaven and I have made it possible for Safehaven readers to have access to my U.S Financial markets forum until Monday morning!
Just use this link to access the U.S markets forum that has started today. I'm sure more charts will be posted by me and other excellent technical members we have. Just use the same link and check for additional posts during the weekend. Make sure you're on the latest page of that thread. The page number can be seen on the top right. You will be able to read all posts but cannot post yourself.
Enjoy and good trading.