Irrational numbers, if not exuberance…

Posted on Feb 01, 2013 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p16768279576&a=214966864

SPX surges over 1500.  We make wild analyses.  See next chart.

http://stockcharts.com/h-sc/ui?s=$INDU&p=W&yr=4&mn=0&dy=0&id=p62721365281&a=239474697

We have from time to time mentioned the rule of seven.  (edwards-magee.com/files/ruleofseven.pdf)  We ran a quick analysis and  using the first wave illustrated here which began in Mar 09.  It is not far off from other recent analyses we have made:  First target: 14757.40, second target 17504.10.

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