Sp'monthly - count'2
Summary
First, ignore the noise..look at the indicators under the main chart...they are ALL showing a very clear rollover. We even have a very nice little 'bliue tower' (MACD, blue bar histogram) - that forms the RS of what I believe is a giant head and shoulders formation. It remains a central theory to my overall viewpoint right now.
It is amusing to see how the bulls are getting hysterical again about the rest of 2012. They have been touting end year targets of 1450, 1500..a few are still looking for even higher levels.
Primary target to the downside remains the lower channel line, somewhere in the low sp'1100s, which should be hit within the next month or so.
A closing reminder on the grand world index overview, via the VEU chart....
VEU, weekly, 4yr
VEU near term target remains 40.5/41.0...and then a rollover across this summer...breaking the critical 35.0 level.
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Goodnight from London