ChartsEdge BP Chart for Oct30
Posted: October 30th, 2009 | Author: Mike Korell |
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Thanks again, Mike and ChartsEdge!
Oooooooh ........ scary, kids ...! Are we going to see a "Nightmare before Christmas"?!!
There are good reasons to think so! But - Unlikely to see that today - and whether the equities indices go higher or lower next week depends on the wave count near-term. With new money for the new month expected, the next part of movement down may not be immediate. But there are reasons to think we don't see the SPX able to get above 1067 (though if it does, there's resistance at 1072 and especially 1077, 1082!), and to expect the next real objective lower about that 982 level I mentioned here recently. So the trend is likely to be generally down to mid-/late November (Thanksgiving?), followed by some type of "Santa rally".
I'll tweet as and when possible today - but we may just see a consolidation or churning movement today. We may test 1062 and perhaps 1057 - and will be watching to see what kind of wave pattern manifests with movement down and back up. As always - careful, and happy market navigating!
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