The PnF system is looking for a target of 2639 in the SPX. This seems quite feasible to us, and is supported by the candle chart.
We may have a flag hee in the market — and a big one at that. On a 194 point flagpole. If it is a flag then the measurement implications — target– is 2471 (minimum). Skeptics might wonder if the flag is halfway on the pole but that doesn’t look like a flag to us — just a normal stutter in the wave. On the other hand the rectangle we just went through does. The breakout from this formation is a clear buy signal; to go along very well with the breakout on the PnF chart.
Not the only issue calling out buy buy buy. The Qs are also:
The charts are crying out buy. The PnF is crying out buy. And there is a bewitched toad tweeting like it is spring, and he is the god of uncertainty and risk. The way we look at it is that if Trump’s erratic behavior tubes the market we’ll get out. So shortly we will review all the stops we think appropriate. Stay tuned for that. In the meantime we are increasing our commitment while keeping a wary eye of the Trump family circus.