On April 19 th I made a projection (Click Here) on IAI (US Broker Dealers) suggesting a plunge down to the S2 support level near $25. As you can see,the target is now reached. Take some profits here...
Hello kids, welcome to ETF Corner ! I'm sure most of you are feeling a bit better about this market after last Friday's selloff ! How about we start the week with IAI (US Brokers) since it has GS as it's major weighting in the index ! IAI had stalled at the .382 retracement level in October 2009. It has been rejected violently once more last Friday near the same levels yet again ! It seems tome that not only Goldman Sucks, but it also looks like IAI will have to go down to S2 in the longer term below $25 before any significant rally attempt :
The S&P is opening in about 30 minutes, everyone is expecting a sort of bounce near SPY $120,thanks to brave dip buyers, before loading on more shorts. Remember that in late January we had a similar breakdown and we could have expected a bounce to SPY $113 before a fall as shows the black arrow, but we actually did not ! We grinded lower and bounced much lower than anyone would have thought :
The obvious pattern these next few days is shown on the chart below with the black arrow. It doubt the markets would behave in such a predictable way . We shall see ! Drop me your thoughts in the comments section ! Let's rock !
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