3/21/2024 – A positive day with the Dow Jones up 269 points (+0.68%) and the Nasdaq up 32 points (+0.20%)
Today’s tops on all indices deliver a perfect mathematical hit on our previously discussed targets. Here are the price targets we have been discussing for over a year.
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- SPX: March 25th (+/- 2 trading days), PRICE Target 5,200 (+/- 100 points).
- Dow: March 25th (+/- 2 trading days), PRICE Target 40,000 (+/- 500 points)
- NDX: March 25th (+/- 2 trading days), PRICE Target 18,300 (+/- 200 points)
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With that in mind, only one component is missing from what would otherwise be a perfect hit. Our short-term work. Our short-term calculations suggest the market hasn’t completed its top formation just yet and will do so later next week. In particular, either on Thursday or Friday of next week.
With that in mind, we must be very vigilant here while we wait for our short-term calculations to hit next week. If the Dow has a 300+ points decline at any point now, followed by a technical confirmation, we would have to assume that the top is in and we will reverse position then. If, however, the market maintains today’s levels while pushing higher, we have to assume we will see the final top next week or as per our short-term calculations.
In summary, ALL longer-term TIME/PRICE targets for the overall market have been satisfied. Yet, short-term calculations, which are typically more prone to error, suggest the market hasn’t topped just yet and will do so towards the end of next week. Having said that, if sings of a short-term breakdown occur over the next few trading days, we would have to dismiss our short-term calculations and assume the top is indeed in.
And once the said top is put in place, the market should shift its gears into a severe bear. We need to re-calculate our bottom projections again, but if I recall correctly, a re-test of 2020 bottom is probable. We can wait for this until the market confirms the top.
End Of Update —————