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We also ran a series of articles featuring the happy-go-lucky 3 Amigos
(of the macro) in order to gauge a point when larger herds of investors
would become aware of cyclical issues facing the global (including the
US) economy. Each Amigo (SPX/Gold Ratio, Long-term Treasury yields and a
flattening Yield Curve) would ride with the good times but signal an
end to those good times when reaching destination (Amigos 1 & 2 got
home but #3, the Yield Curve is still out there). Here is the latest
Amigos status update from October: SPX/Gold, 30yr Yields & Yield Curve.
Greetings everyone! There are several chartist websites, all
EW’ers, that I visit to help me in my trading. They are not always in agreement
but it does help me gauge where we are at, up or down and strength of move. Tim
made a proposal that we could go up until Jan. 7th until the Trade
talks. As I look at these different websites it is becoming apparent that the
next move might be down. Why?
At the weekend in Chart Chat I was talking about the 2300-50 support area on SPX, and the current rally has started from there. That area is composed of the monthly lower band and the 200 week MA, both in the 2350 area, the 50 month MA at 2330, and rising megaphone support from the 2011 low now in the 2300 area. That is a formidable support area and, if broken, could open a direct move to the double top target area 2120-2200. If it holds that would be the obvious area to end the wave A move down from the high and start the wave B rally. If we see a retest of the lows after this rally ends then that could well be a double bottom setting up for the wave B rally. SPX weekly chart: