Friday 22 August 2014

1pm update - Fibonacci upside

US equities continue to see very minor chop, with the sp' holding the low 1990s. A daily close in the 2000s looks somewhat difficult. Metals are attempting a small bounce, Gold +$2. Oil remains weak.. -0.7%


sp'daily3 - fib levels


Summary

Yes..its just one of many upside outlooks, but hey... a 1.6x extrapolation of the recent down wave...offers the sp'2040s in September.. and I think that is a very valid target.

Certainly though, that will likely take at least another 2-3 weeks.
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Watching clown finance TV...

One of the doomers turns bullish... with (I believe) a target of sp'2300 by year end.


Another bear capitulates, make of that... what you will.