{"id":1193,"date":"2011-12-30T12:03:27","date_gmt":"2011-12-30T16:03:27","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=1193"},"modified":"2018-06-10T10:57:38","modified_gmt":"2018-06-10T10:57:38","slug":"market-looks-poised-to-reverse-hard-to-downside-within-days","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/market-looks-poised-to-reverse-hard-to-downside-within-days\/","title":{"rendered":"Market looks poised to reverse hard to downside within days"},"content":{"rendered":"<p><strong>David A Banister- <a href=\"http:\/\/www.markettrendforecast.com\/\">www.MarketTrendForecast.com<\/a><\/strong><br \/>\nThe market has been in the process of a near 13 Fibonacci week corrective rally since the October 4<sup>th<\/sup> 2011 lows at 1074 on the SP 500.\u00a0 So far the highs reached on the initial rally of 218 points were in October at 1292.\u00a0 That has remained the high water mark as we have consolidated over the last many weeks.\u00a0 I expect the market to complete this counter-trend ABC bounce during the Dec 27<sup>th<\/sup>-29<sup>th<\/sup> window, followed by a good sized correction into Mid-January ahead of the earning season.<br \/>\nThe patterns that I am seeing are based on crowd behavioral \u201cElliott Wave\u201d analysis that I perform at my TMTF and ATP services, and this analysis now favors a 70% probability of a bearish decline beginning very shortly to the 1150\u2019s area on the SP 500 index.\u00a0 To wit, Investment Advisors in recent surveys have over 45% Bulls and only 30% bears with typical tops forming around 47-48% Bulls in surveys.\u00a0 In addition, the rally has been on light volume and recent action seems to be forming a rising \u201cbearish wedge\u201d pattern at the same time.<br \/>\nReversals in the market often come when few expect it whether they come near bottoms or tops.\u00a0 My most recent forecasts called a bullish turn after Thanksgiving Day when most were bearish in the 1160\u2019s on the SP 500 index.\u00a0 We then rallied 109 points to a 1267 high, which we are re-testing now.\u00a0 As we recently pulled back into the low 1200\u2019s, I again said to watch for a major market turn on Dec 20<sup>th<\/sup>. We then immediately rallied so far into the 1270 area from the 1203 lows.<br \/>\nBelow is a chart I sent to my subscribers on Dec 24<sup>th<\/sup>, having projected a continuing rally into the 27<sup>th<\/sup>-29<sup>th<\/sup> window of trade. \u00a0If you\u2019d like to benefit from our market turn calls and crowd behavioral based pattern analysis on the SP 500 and Gold and Silver, check us out at <strong><a href=\"http:\/\/www.markettrendforecast.com\/\">www.MarketTrendForecast.com<\/a><\/strong> to sign up for our <strong>FREE FORECAST or GET 33% HOLIDAY DISCOUNT ON OUR PREMIUM GOLD AND SILVER FORECASTS.<\/strong><br \/>\n<a href=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2011\/12\/TMTF.jpg\"><img decoding=\"async\" loading=\"lazy\" title=\"TMTF\" src=\"http:\/\/www.themarkettrendforecast.com\/forecasts\/wp-content\/uploads\/2011\/12\/TMTF.jpg\" alt=\"\" width=\"616\" height=\"615\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David A Banister- www.MarketTrendForecast.com The market has been in the process of a near 13 Fibonacci week corrective rally since the October 4th 2011 lows at 1074 on the SP 500.\u00a0 So far the highs reached on the initial rally of 218 points were in October at 1292.\u00a0 That has remained the high water mark<span class=\"read-more\"><a href=\"https:\/\/www.themorganreport.com\/blog\/market-looks-poised-to-reverse-hard-to-downside-within-days\/\" title=\"Read More\">More<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market looks poised to reverse hard to downside within days<\/title>\n<meta name=\"description\" content=\"Market looks poised to reverse hard to downside within days\" 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