Nov12 trendline broken, a warning flag?

Posted on Feb 03, 2014 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p83750808625&a=214966864

Today prices are breaking the nov 12 trendline, a potentially serious event.  There are other technical signs which may limit the damage -- or at least make it calculable.  What we are seeing at 3 may be a bear flag.  If this is so then the target of prices following this scenario is 1707.  (initial analysis which may change.  Could be worse.)  Flags tend, in general, to terminate waves rather than initiate them, but as always there is no guarantee of anything but taxes.  Even death is being negotiated with.  (See Ted Williams.)

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