On the last thread, I presented a case for the S&P which saw potential to 1515 (mean of the pitchfork) and sure enough that is where it hit (just shy). I thought 1508 would hold as resistance but you could see another push forming when the S&P failed to close 2 consecutive closes below the trend channel. Hardly even a dip!
So the first chart I'm going to show you is the same one I had last week since it's still in play, except the target of 1424 was based on a 1508 high. I'm still expecting a 50% fibonacci retracement which would be approximately 1428 as a target for late Feb early Mar however this chart is important as I think you'll see how the mean is respected (unless we are breaking to new highs from here with no pullback) and this is why I'm showing it again:
The next chart shows the fibonacci support levels, and where my target is:
Now here I'm using Gann angles along with fibonacci time using 2 major lows, and what its suggesting is that my 1428 target is certainly possible in the time frame I'm looking at with absolute support at 1399. What the chart is also telling me is that Early May is looking like a major turn date similar to June and November lows. What I didn't illustrate in the chart, is Feb 19/20 I see 1457.
Now, after seeing this, have a look at the 2013 Alternate Roadmap which I think is now in play, and the link between the 2 charts is telling.
How are you playing the next 1, 2, and 3 weeks?