SPX monthly chart

Courtesy of eSignal

 

 

 

If this monthly elliott wave count is correct then 1370.58 should be support for a wave 4 counter trend correction.   If it is broken decisively then the wave labeled so far as 1, 2, 3 waves of a 5 wave impulse wave, will be redrawn.  

2014 WARNING
Lucien Hooper, a Forbes columnist in the 1970's, devised the Dow Jones December Low Indicator.   According to this indicator, danger lies ahead when the lowest December price of the DJIA is surpassed by a lower price in the first quarter of the following year.   Then more bearish market movement is likely to follow.   THIS OCCURRED ON JANUARY 31,2014.

THE 4th YEAR OF A DECADE
In general the 4th year (2004, 1994, 1984, 1974, etc) has had weakness.
Go back to your charts and see.

MID TERM YEARS ARE BEST, says Sy Harding !
Read his book, BEAT THE MARKET THE EASY WAY
Good buying opportunities occur.

THE 5th YEAR OF A DECADE
History has shown that the 5th year (2005, 1995, 1985, 1975, etc.) has had a great record of being up.
In this case 2015 follows the mid-term year 2014.

Base on the above, the "probability" is that we can have a 10-20% correction this year and it "could" be a buying opportunity.   But, as always, be careful and invest wisely and consult a trained professional adviser.

This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.

Past performance is not indicative of future results.