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08/26/11: 1120/2040 First leg confirmed
Jackson Hole speech timing point passed.
Regardless of the content, it went up dramatically with a daily long reversal shadow, which is subject to confirm by the end of day today. Hence, 1120/2040 got confirmed as the first leg.
In the coming 17 trading sessions till 09/21/11, the next FOMC ending, which was revised from 09/20 today, it may test 1260/2280 major resistance/200SMA respectively. Upon reaching the resistance, a pullback is expected.
Jackson Hole speech timing point passed.
Regardless of the content, it went up dramatically with a daily long reversal shadow, which is subject to confirm by the end of day today. Hence, 1120/2040 got confirmed as the first leg.
In the coming 17 trading sessions till 09/21/11, the next FOMC ending, which was revised from 09/20 today, it may test 1260/2280 major resistance/200SMA respectively. Upon reaching the resistance, a pullback is expected.
I want to see if 17 trading day assertion hold good as well. My own view is that second leg should happen before middle of November.