This is mostly for fun, as I still plan on following my Composite signals. But after some various research, this is my best guess for how the rest of the year will play out. I believe the first downside target, before any meaningful bounce, will come around SPX 1400, ie on a 9/6 gap fill.
The ensuing bounce would take us back up to the 50day, which also should coincide with broken support turned resistance. SPX 1430 ish
The next decline would be all the way down to the 200 day moving average at 1380ish. Perhaps occurring sometime in November. The timing I'm not sure of, but the levels I'm fairly confident. Finally, we bounce off the 200 day into year end. But ultimately I believe that rally fails early 2013.
Anyway, those are my thoughts.... feel free to agree/disagree in the comments section. Thanks!
I'll post a chart so we can critique it later on... Enjoy the rest of the weekend. Go Browns!