We are looking
at the SPY ETF of the S&P500 index which is in bullish mode since 2009 low.
Recent gains exceeded previous swing highs very sharply in recent weeks so we
think that market is forming a new impulsive bullish run that could react 200
area on SPY which equals 2000 on S&P500. The reason for this bullish
outlook is current sharp rally which is showing a personality of an impulsive
recovery so we think that market is in the middle of wave three of three. The
next thing for higher projections is also cycles in time. Based on latest swings
from year 2000 we suspect that current bullish period will last till 2015 when
price could reach 2000 on the S&P500 in combination with 161.8% Fibonacci
extension of blue wave (IV).
For more analysis visit us at http://www.ew-forecast.com/
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