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Our long term target is still 32,100, however if they close back below the 28,300 major Gann square, they can set the market back to the 24,500 major Gann square. This was the old long term target and is now the long term swing point, it is also 23.6% back to the 9/9/20 low and 38.2% back to the 11/26/20 low. As we mentioned in our previous update, you can use each of the major Gann squares as shorter term swing points once they close above them. Provided they can stay above 28,300 look for the next major square at 30,500 for resistance before the 32,100 long term target.
They have hit our long term target of 750.00. A setback from here could take it back to our long term swing point at 590.00. This area has a major Gann square (611.00), 23.6% back to the 3/13/20 low (600.00) and 38.2% back to the 9/7/20 low (586.00). With a solid close above 750.00 the next long term target will be 911.00, with one major Gann square to watch for resistance at 811.00.
We highly recommend that you follow the secondary Gann squares on the charts below for short term trading. They are marked by the yellow horizontal lines. They can be used as support/resistance, swing points and targets. You can see for yourself how well they have worked in the past, so watch them going forward, as they remain the same until there is a major directional change. They are based on W.D. Gann's "Law of Vibration".