I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Tuesday, January 5, 2010

Are You Ready To RUSSELLLLLL !!!!!

On Dec 23, I showed some counts and some Fib math for the Russell (Heartbreaker)

Here is a recap of the math:

So assuming my short term count is correct, I spot a few interesting Fib Relationships:

Minute C = 1.62 * Minute A => 648
Minor Y = 1.62 * Minor W => 650
P2 = 0.62 * P1 => 660
Upper trend line (bottom chart) at the end of the year = 660

So I think Russell will be making a run up to 650-660 for the end of the year.

Right now el RUT is at 642, so this projection looks like it has a good shot at playing out. Currently I am targeting the lower end of the range (650) based on how this last wave is unfolding (using a 0.62 5th wave termination estimate I get 649).

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