Market Collapse around the corner? Remember 2008?
If History is to repeat, we got the perfect short term bottom placed yesterday. In this move up, shorts will be losing faith in their positions, and cover furiously. The last leg up should take place over the coming days/ weeks, before we get the total breakdown of the “system”. Probable scenario or not, you decide, but the charts sure resemble 2008. For the full Chartology, check here.
SPX Weekly.
Below SPX Daily Chart.
SPX Daily.
The chart on this URL supports your 1160 upper limit on the SPX daily before another nice leg down – http://macrostory.com/2011/10/05/spy-update/