Wyckoff Analysis:
Accumulation range from 2011 seen in the S&P 500 Index (left chart) gave an upside target using P&F calculations of +780 points (HL, 10 box size, 2 box reversal).
This target has been drawn onto the same left hand side chart and it lead to typical post-markup behaviour: exit of the markup channel, subsequent retest of it and a new consolidation range.
The large accumulation range that started in September 2016 (right chart) has given an upside target (using the exact same method) of +1740 points. This puts the target level at 3600 to 3850 points roughly (target drawn). Markup channel is currently being respected well, just like last time. I estimate that this target will be achieved in a few years time.
Reliability of P&F calculations to see range targets is increased based on previous targets in the same market being met, when using the Wyckoff method. As you can see, the previous target that was calculated had a very high accuracy (+780 points). This gives me more confidence in the current +1740 points projection.
Q.E.D.
Questions welcome.
Accumulation range from 2011 seen in the S&P 500 Index (left chart) gave an upside target using P&F calculations of +780 points (HL, 10 box size, 2 box reversal).
This target has been drawn onto the same left hand side chart and it lead to typical post-markup behaviour: exit of the markup channel, subsequent retest of it and a new consolidation range.
The large accumulation range that started in September 2016 (right chart) has given an upside target (using the exact same method) of +1740 points. This puts the target level at 3600 to 3850 points roughly (target drawn). Markup channel is currently being respected well, just like last time. I estimate that this target will be achieved in a few years time.
Reliability of P&F calculations to see range targets is increased based on previous targets in the same market being met, when using the Wyckoff method. As you can see, the previous target that was calculated had a very high accuracy (+780 points). This gives me more confidence in the current +1740 points projection.
Q.E.D.
Questions welcome.