Monday, November 7, 2011

Market Update

I guess the signal on Friday was legitimate in that the trend starting turning up again. And from looking at the wave structure it seems like the market is working on a B wave after the A wave from 1292 to 1217, so this B wave could go as high as 1292 or a bit more (in case of an expanded flat). Once the B wave completes, we should see another big bearish leg to finish up the C leg and then perhaps launch into a big bullish wave just in time for the Santa Rally. I am in cash in my trading accounts and will look to short at the next bearish TA confirmation and then go very long for the end of the year rally.

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