Wednesday, November 10, 2010

Market Update November 10th

I haven't changed the chart at all and the market just followed the levels and the blue lines I marked. The market bottomed at the 1204 level mentioned yesterday and bounced off over 1% to close at 1218. I now expect a 38-50% retrace of that wave to set itself self up to go into the 1220's area in a W3 of this last W5. I assume the market will sell on the Cisco earnings but will regain its footing. However, if the market can't shake those news then I'm looking at 1206 as the level to watch. Any closes below it will change the trend from bullish to bearish.

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