Market Turning Points | Andre Gratian | 2011-04-24


The SPX and QQQ have completed a short intermediate-term correction in what appears to be a reverse Head & Shoulders pattern and, after completing the right shoulder on Monday morning, the indices rocketed upward. If the pattern is confirmed as valid by future action, the traditional measurement of the break-out move calls for a minimum target of about 1425 for the SPX, and one of 62.50 for the QQQ. Since these projections pretty much coincide with the ones that I derive from the Point & Figure bases for the two indices, it increases the odds of their being valid.



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