Below are the upside resistance targets based on the work of Edson Gould.
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3,815.82 (conservative target)
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4,275.00 (mid-range target)
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4,720.68 (extreme target)
Our commentary from October 5, 2019 has remained accurate. At the time, we said:
“The more time passes the easier it gets to exceed the minimum upside resistance target of 3,815.82. The problem comes up when the market fails to breakout out on the upside in spite of the passage of time.”
The 3,815.82 target was achieved on what appeared to be strength. However, the 4,275 target has been met with resistance.
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