Here's today's intraday Pattern Recognition map plus excerpt from their weekly forecast, from ChartsEdge Daily Maps (remember, their BP intraday map for today is at their subscriber site by tomorrow morning - follow links on their site for details, link above and always at the right side of the page here). The excerpt from the ChartsEdge weekly cycle forecast is something you can receive as part of their week/months-ahead subscription, or for just the current week you can locate at the ChartsEdge side by navigating their links or use the "ChartsEdge weekly" label in the labels list at right here anytime).
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ChartsEdge Daily Charts for Nov18
Posted: November 18th, 2009 | Author: Mike Korell |
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Thanks again Mike and ChartsEdge! Folks, I've got family visiting and can't be very active today, just a few comments. First, there are obviously reasons to to the levels being tested now as make-or-break. If they make a top, so be it and we want to figure out if an interim top as Andre Gratian mentions is possible, or worse. If a breakout such as Terry Laundry talks about (looking for his A/D indicator to show if the rally extends until May 2010), then all our talk of making a "B" wave top in this area will look like "crying wolf".
Fine-tuning, we know that 1122 is the 50% retrace for SPX that would equate to the Dow's 10,334 and RUT 595 already attained. But can the SPX get past 1113 (or some measure at 1114) it already tagged intraday? For that matter, will the dollar keep wedging into this low area testing 74.75 dollar index (check out Tony Caldaro's public chart of $USD too, use links at right). And will gold just muscle up to that $1192 level I've been talking about for over a year now?! Oh also - re-look at my gold charts I've posted plenty of times - that area about $1200 in gold can still be either a large B, or a larger third wave top idea, so if and when we see that (soon, or later), we'll really have to sharpen the pencils for more analysis of what happens after that.
We know the SPX is giving signs it wants to make 1107 support, which will help it get past 1113 if it really can. Whether it can, with strength, will be the real issue. By the way, someone asked about a "Dow Theory confirmation". I still need to check on Tim Wood's view on that - but remember, the transports did their 50% retrace before the industrials. Also, I think he's more focused on measuring against the swing highs prior to the March lows. Plus, it's important to use end of day (EOD) values, not intraday - so I'm not sure the transports did anything other than a double top so far, the last few days.
We may approach this make-or-break area with preconceptions about the outcome. Or just sifting the signs each day as we go. Either way, let's remain alert for those signs that will confirm or negate the ideas. So as always, careful out there, and happy market navigating!
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