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SPY Warning

Posted by StockBuz on August 4, 2011 at 10:46am
A 10% correction is a big deal in the market but Gann followers believe when corrections exceed the last correction [not pullback] by 120%, then prices will revert below that prior correction - or revert back to what is considered *fair value*. SPY appears to have decisively broken a descending triangle with heavy selling volume; measured to just below $115. The line in the sand 120% lies just beneath that. I'm not saying with any certainty that we will exceed that, but it will be something I will be watching over the coming months. Yes Dorothy, we *are* in a Bear market in my opinion.

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Tags: short-ideas, gann, spy
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