Roy did up a special extended update this week-end with a look at Silver and the Dow Transports. He also has a lengthy introduction with a few longer-term comments about the markets and the total breakdown of paper money. To view this clip, Click here!!!
If there was only one chart to pick that best tracked the SPX during 2010 it would go to this Neo-wave chart, I have had it in my public chart list for the last 18 months, and during 2010 there were very few changes made to the placements of red labels. It worked out well last year, so I will throw the dice and make my prediction for 2011 off of this chart and see if we can go for a double-or-nothing this year.
For many months I have had this laid out as a counter-trend triangle, and it played out just as planned. The SPX is now coming to the end of this current cycle in mid-January where both triangles become equal in terms of time, an important detail in Neo-wave forecasting, topping near a level of 1275 and finishing up the green "B" wave.
So my prediction for 2011 after this green "B" wave wraps up, support drops down to 1150, where a break below here opens the door for a run towards 850 for the green "C" wave early in 2012. The larger structure is a basic contracting triangle that could last into 2013.
**Just for the record, I do not follow Glenn Neely's count nor am I affiliated with NEo-Wave in any form beyond Ad-sense that I have no control over which advertisers get displayed. This is my own interpretation of Neo-wave.
Just for the Perma-bears!!!
Here is a long-term prediction that will surely please all the perma-bears. This is a worse case scenario if the above contracting triangle breaks down and gets voided. * A would like to take a moment and say a big THANK-YOU to everyone that has supported and followed along last year, without you I would of closed up shop long ago. 2011 looks to be an awesome year!!!
Donations are always welcomed!!