Thursday, June 24, 2010
$SPX and $RUT downsloping channels.
These are somewhat preliminary, but with this morning's data already plotted the new channels look O.K. The targets are the magenta and orange down-curving lines, which are a little earlier on the $RUT then on the $SPX. I can't explain the discrepancy, but to hedge a bit, the bottom is somewhere from mid to very late July. July 21st is near the center of the time span in question, and would satisfy both charts, but that's not a firm prediction. We'll just have to wait until we get close to there and see on what day the light magenta trendlines are assaulted on both charts. That will be the bottom.
By the way, these channels are generated by the 4/26/10 top, the 'flash crash' low and the and the low on 6/8/10...