Turning Points (Andre Gratian)

From Safehaven.com:

In my Week-end Report, last week, I concluded that:

“For the time being, the long trend appears to be safe, and higher prices will probably occur before the SPX starts an intermediate retreat. However, we currently have the best technical evidence yet since the rise from 1275 that, this time, the SPX is not crying wolf about forming a minor top at this level, and that near-term caution is warranted.”

I had a good projection to 1343 and the SPX had already reached 1344.07, and my indicators suggested an imminent reversal. Monday was a holiday, but on Tuesday, the index dropped almost 31 points, one of its worst declines in weeks.

Last Thursday, based on structure and P&F projections, I alerted my subscribers that I saw a good possibility that the decline would end at 1295. The low turned out to be 1294.26.

This earned me the following: “Andre–that was a brilliant call. thanks for all the extra updates and your hard work. You are really “there” for your subscribers when markets are roiled and we need you.-M.

OK, enough bragging! What happens next? Since Thursday’s low, the SPX has rallied 26.35 points and closed near its high on Friday with excellent A/D figures to support the move. This was enough for my hourly indicator to give a strong buy signal, and for the daily charts to suggest a potential reversal, falling just short of giving an actual buy signal.

Continued

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