“I’ve gone back and compared this correction to the most comparable correction, which is 2011, and what you will notice is the two are tracking very closely,” said Todd Gordon of TradingAnalysis.com.
“They both completed a double bottom, and the S&P has come back rather sharply, much like the 2011 recovery did. The only thing that’s missing is one little setback. We need some profit-taking. … We need to set back quickly, shake some longs out, before we move higher.
“I would say two to four weeks before we make a new high, but I do think in the near term we’re going to set back.”
— Excerpt contributed by Jason Kelly
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| Z-val: | Todd Gordon |
| Via: | CNBC |
| Date: | 11/4/15 |
| Disposition: | Immediate-Term Bullish |
| S&P 500 on 11/4/15: | 2102 |
| S&P 500 on 12/4/15: | 2092 |
| Change: | -0.5% |
| Judgment: | Wrong |
Z-val definition and more forecasts in The Z-val Zone.
