ChartsEdge (U.S. equities) map for 10/6

ChartsEdge BP chart for Oct06

Posted: October 6th, 2009 | 
Author: Mike Korell | 
Filed under: One-Day Market Map | 
Comments to ChartsEdge »

Thanks once again, Mike and ChartsEdge! Folks, if you need a refresher on these forecasts and how to use them, go to the ChartsEdge site or my NB3 site where I've posted much of that explanatory info (see links at right).

Since the Friday low there hasn't been a deep pullback and I tweeted yesterday about keeping in my core longs backstopped at 1028. Futures up this morning are probably a wave 3 or c type movement. Bears will say it's part of a w2 up, more bullish is the prospect it's part of a 3 of 5 up. The ChartsEdge weekly pointed higher for later this week, and other methods including Terry Laundry's T Theory point up for a while longer too. Good news for anyone not already positioned for a big primary-level wave C down. (If you don't follow my meaning, read the weekend posts here.)

We're still watching the dollar and gold of course - interesting about the suggestion for oil to trade in an index of non-dollar currencies. Still thinking oil's in a down wave, and dollar has another test down before we see some strength in it. The Reserve Bank of Australia's interest rate hike pushing the Aussie, AUD-USD up should help with that. According to Bloomberg TV this morning, SocGen (Societe Generale) projects the Aussie dollar to about 92 from 88, and I suspect that will go along with the yen continuing above 112 in the $XJY, to the 125+ area I've projected on the monthly charts for quite a while.

Speaking of bears, what's with all these bear sightings and bear attacks recently?! Well, be careful as always out there - and happy market navigating!