ChartsEdge Pattern Recognition chart for Oct23
Posted: October 23rd, 2009 | Author: Mike Korell |
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Thanks once again, Mike and ChartsEdge! Folks - this version of their PR charts they made available at their daily maps site (link always at right) doesn't carry their usual message - check the one from yesterday to see that. Also remember that it kicks in at the open, so doesn't necessarily tell you where futures go before the open. Also, their BP map is at their subscriber site.
Some are talking about the idea that the diagonal-shaped pattern I posted recently, may have finished only a 3rd wave with the drop Wednesday and yesterday morning being a 4th wave and still more up for 5 of 5 to finish and still get up to SPX 1109/1112, maybe even 1120/1121. If you have an intense need to "pick top tick", be my guest. The technical context has deteriorated so the stock markets are in a topping process. If the SPX gets past 1097 again, then start to look for 1102, 1107+ but respect the likelihood of chop not to mention this being Friday. If we close with an "answer", I'll be surprised because that's very rare! So stay careful - and happy market navigating!
(PS - GS and LMT broke support to trigger lower price projections on the default Stockcharts P&F charts - as I posted at my UBTNB3 blog (link at right).)
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