Friday, February 9, 2018
Gravity & Greed
From this perspective – and considering our most recent thoughts towards equities long-term prospects (see Here), we will be looking for a lower retracement high and eventually a lower low in the coming weeks and months. We say eventually a lower low, keeping in mind we suspect the current breakdown leg that began just last week has yet to find an interim tradable low. Sizing up the move relative to more recent parabolic breakdowns (e.g. silver, circa 5/2011), gives us a target range in the S&P 500 between 2500 and 2550.