ChartsEdge (U.S. equities) map for 10/1

CharysEdge Pattern Recognition Chart for Oct01

Posted: October 1st, 2009 |
Author: Mike Korell |
Filed under: One-Day Market Map | Comments to ChartsEdge »

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Thanks again Mike and ChartsEdge! Note, their "BP" map is also available at their subscriber site.

Oktoberfest anyone?! Actually in Deutschland, they celebrate that at the end of September, and it does seem the equities markets have been tipsy lately, eh? We'll have to see if the indication of an intraday low and rise from it will preserve the markets' chances of putting in that higher level. Certainly the "bigger cycles" for this time frame haven't been able to push equities high enough to avoid wave 1/wave 4 overlap in some indices, like the Dow Jones Industrial Average. That's why a move under yesterday's low would cast a huge shadow over the prospects for a higher high out of the whole recent move. We'll have to see if there's enough new money with the new month to get it done!

The comment left yesterday really mirrored some of my thoughts and undoubtedly others who've traveled these path the last year. It's been a year since the steepest drops happened with the financial crisis unbaring its fangs and turning into "a killer" as Raymond Merriman phrased it one weekend. Several days later the mentor of the trading site I was with then, passed unexpectedly and tragically. And yes, Terry Laundry's mystery T - plus the way I can view the time-and-price especially in the Russell 2000 and Transports, but also other indices - line up to make this a very edge-y time. It can seem fun to focus in tight to a top .... But the context, and the prospects of what happens next, are sobering indeed.

So as the air turns crisp and preparations are made for a scary "Halloween", and more cheerful and/or centering traditions for many families and cultures - stay careful out there and all the best to you and yours. And sure - happy market navigating!.