A New High Is Coming, But First Another Wave Down!

I think we are on our way to the 138.86 FP on SPY from March 12th of this year!

(to watch on youtube: http://www.youtube.com/watch?v=evge9nxoVQk)

But before that happens I expect another wave down. Since we have new FP of 134.46, that was seen by a poster on Cobra’s Forum, I’d say we are likely to hit that level Monday morning and then rollover. While there is nothing saying that the FP is a turning point, the charts are very over bought right now and support a move down start as

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