Longer Term S&P 500 Measured Move Suggests 2,300 Target

By Unknown Monday, February 16, 2015
When you look at the S&P 500 on a monthly basis, you can clearly see the ~750 point trading range the index was bound to for 16 years, followed by a decisive breakout in 2013.

Keeping with this longer term perspective, it's easy to chart a possible road map for the S&P over the next few years. Taking the 750 point trading range and adding it to the key breakout level in 2013 yields a measured move target of 2,300 for the S&P. How it gets there, there's no telling, whether it be violently or sluggish, but there's no doubt that this level is in the trading cards for long term bulls.

If this long term road map proves correct with the 2,300 target, then the next logical step would be a steady decline to the 2013 breakout level near 1,550. Old resistance tends to act as new support, and support eventually gets tested.
The Wall Street Fox

The Wall Street Fox utilizes fundamental and technical analysis to generate investment ideas. TWSF holds a MBA, and is currently preparing for the Chartered Market Technician (CMT) designation.

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