Stock market targets
Today, I shall follow the herd which over and over again proclaims a new stock market top.
Yeah, the top is near!!! At least a short term one. Everything depends on the next week closing height in the ES # and whether or not both GUNNER24 Ups meet their main targets (3rd and 5th double arcs, respectively) within the next weeks.
Actually, for the next 14 days we can expect those main targets to be called at/reached.
On a weekly basis, last week we rebounded from the 2*1 Gann Angle. That week closed negatively.
But in two weeks, we will have arrived at the very important vertical square time line which following the rules, should mark an important top or low. It should become a top since in that case the prices would have risen by 2.5 time lines. Now, the exciting question remains whether we will close within the 2nd double arc. I think we will! Both Daily GUNNER24 Up Setups indicate so.
Since reaching a double arc in the weekly time frame is always a special event then we will have to get ready for prices which possibly at least go sideways. Perhaps for a small retracement that lasts at least 2 to 3 weeks.
Then, at least we can experience again that the whole world proclaims the final top, predicts the end of the bear market rally and that at the end of the possibly coming consolidation, the absolute end of the world is approaching. Well, finally, we are being in September, the worst possible stock month... But you better have in mind the old rule: Consolidations at the high break to the upside.
Well, a weekly final quotation within the 2nd double arc, even an insignificant one would activate the main target which is the 3rd double arc with prices of 1150 to 1220. And further, it would hint to an 8 candle monthly GUNNER24 Up Initial Impulse. So let us be surprised by the next two weeks.
Finally, let us have a look at the weekly EUR/USD chart and at one out of three current GUNNER24 Up Setups.
After our currency pair last Friday for the second time successfully tested the blue arc on weekly basis and in the four hour chart released a renewed GUNNER24 Up - during the next week the pair should make the effort to go on in the direction towards the upper horizontal square line of the 1st square (1.4747).
In compliance with the lost motion we would accumulate our current long position on weekly basis next Monday since thus the blue arc should be broken for good. Until the end of September, 2009, the upper horizontal square line of the 1st quare (1.4747) with excess to 1.4766 to 1.4830 continues to be the next target. There we cover our two long positions. If the pair goes on orienting towards the actual Gann Angle the 1st red double arc with price target 1.52 will continue to be the main target.
All the best,