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Long time Pinnacle Professor and Elliott Wave analyst, Andre Gratian, is predicting an interim rally directly ahead. His last publication was titled, "Line in the Sand" which referred to the S&P holding at 1340. Although this did not happen his technicals are now pointing to a short term rally.
It is his belief the current correction the market is in will not be complete until mid June when the S&P touches bottom in the 1245-1265 range. This is interesting to us at Pinnacle as this would come just a few weeks before Bernanke and team meet to discuss potential quantitative easing.
If the markets bottom in mid to late June it may suggest more urgency on the Fed's part to step in.
The SPX, VIX and GLD are examined in great technical detail. As always it proves valuable to add some technical’s to your research.
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