Excerpt from ChartsEdge Cycle Chart for Nov04
Posted: November 4th, 2009 | Author: Mike Korell |
ChartsEdge Pattern Recognition Chart for Nov04
Posted: November 4th, 2009 | Author: Mike Korell |
ChartsEdge BP Chart for Nov04
Posted: November 4th, 2009 | Author: Mike Korell |
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Today, ChartsEdge is showing on their ChartsEdge Daily Maps site both their Pattern Recognition and BP "map" intraday forecast charts, plus today's excerpt from their new week-long BP cycle forecast. Maybe it's for Fed day?! Anyway it's a treat since they usually reserve one of their charts for their subscriber site (their site links are always in the sites list at right), and their forecast "maps" gain predictive use when they look more similar to one another. For myself, I'm thinking SPX 1053-1055 first and (assuming we get above that important 1062), then 1067-1072 likely by the time this wave 2 bounce finishes. Can it finish as soon as today? I think that would be a little fast - I'm tempted to think of Monday or Tuesday as the day to cap it off. But it isn't a bad idea to be prepared for anything, especially since we're in the mode of a bearish "C" wave down and this is just a wave 2 bounce before the next big down wave.
It seems sentiment and timing favor upside today, but there's got to be concern whether the Fed will help defend the dollar at some point or just do more of the same easing that Wall Street likes but hasn't helped Main Street. Everyone wondering with growing unease, when will the music stop, and what will things look like when it does!! The really bigger drop may be postponed until early next year, but it still looks like the "B" wave high is behind us, so any Fed-induced good feelings aren't likely to last very long.
Yesterday I tweeted during the day, including the comment that the intraday low might be arriving early. It looked that way based on wave patterns. There was a real nice first pop from that low just before morning, as the forecast bump up turned into an intraday high very fast. After the expected fade down though, equities got something of a floor. But still had trouble with the 1047 level - saving that for tomorrow it seems, so now we shall see, today.
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