ShepWave IMPORTANT Pre-Market / Intra Day Update for Friday. FIBONACCI TARGETS.
by ShepWave.com
Posted: 8/25/2011 22:53 EST

ShepWave Pre-Market / Intra Day Update for Friday Published. IMPORTANT: FIbonacci Extension Targets issued.

In early July ShepWave showed the key triggers and targets we were looking to be hit at that time. Recall at that time we spotted the fact that the Dow Transportations index had hit a key all time high resistance area. Many were skeptical that those targets would get hit.

Note that actually the targets were hit more aggressively than we had thought they would have.

In this update you will see the Fibonacci Extension targets for the Indexes. Use the SPY as a Proxy for the S&P 500 Index and the QQQ as a Proxy for the Nasdaq 100 index.

It is important to understand the mid to longer term SIGNALS we have been seeing in the daily and weekly time frames. Those signals plus many critical technical patterns are strengthening our mid to longer term view for the U.S. Equity Indices.

The targets published in this update may seem far fetched, but keep in mind that in early July the levels the indexes have gone to this quickly also seemed far fetched. As the action progresses we will adjust and fine tune the targets and Elliott Wave Theory Wave counts.

Log In at www.shepwave.com for Friday's Pre-Market / Intra Day ShepWave Update.