Before you proceed I suggest you review the outlook for June 2011. Overall the market trend is down, so this is not good for the coming week (weeks). The 1 year cycle is hard down. The 20 week (Wall) cycle has topped and is down for the next several weeks. The 22TD cycle has topped. Sure the 11.2TD cycle is up most of the week. The 5.2TD cycle is up into Tuesday. But, this is not enough to overcome the overall bias down of the cycles.
Based on the amplitude of the 20 week cycle and 22TD cycle (DPO) I have a target of around 1278 for the week. This does not consider the 1 year cycle which easily could add another 10-15 points to the downside (1263?). So 1278 (FIB 1278.94) is the first target for the week with 1263 as a possibility (FIB 1259.55).
Here is a FIB table:
And here is a chart showing the 20week and 22TD cycles:
GL traders. Do your own analysis. Be careful there are bears in those woods.
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