ChartsEdge (US equities) map for 11/13

Here's today's intraday Pattern Recognition map from ChartsEdge Daily Maps (remember, their BP intraday map for today is at their subscriber site - follow links on their site for details, link above and always at the right side of the page here). You'll remember too, that the third type of forecast to be considered with the daily maps, is the day's excerpt from the ChartsEdge weekly cycle forecast (which you received 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).
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ChartsEdge Pattern Recognition Chart for Nov13

Posted: November 13th, 2009 | Author: Mike Korell |

Filed under:One-Day Market Map | No Comments »

Thanks once again, Mike and ChartsEdge!

Folks - it's Friday the 13! Brrrr! LOL! Though I did get an interesting note from trader Mike who said, the last Friday the 13th was back in March, just several days after the markets bottomed. I gotta admit, that's interesting! Although - we were kinda thinking there's one last upwave as a small 5th wave to go (which you can see marked as the likely wave count on Tony Caldaro's SPX hourly chart at his public Stockcharts link). Hmmmm - maybe it still works if we think of several trading days before or after. I wouldn't want to build a trading system on that correspondence alone, but it might be a fun research project.

We also can't afford to get complacent on either side, since we might close out today not certain of a final wave up to land on SPX 1108, 1109 or 1121; or on the bear side, that we could get confirmation the top's already in. We've got a lot of things on our rally top wish list already completed (DJIA 10,334; RUT 50% retrace too; QQQQ $43.30; divergence with VIX making higher low), and will probably have to go into the weekend without certainty if the market wants to finish with each detail of the few remaining (dollar index at 74.75 not just 74.77, SPX 1108 or 1121, and some Fib levels can be exceeded not just touched (example, the QQQQ finally spent a whole day above $43.30 so primed for a reversal that takes it back under). Of course, those following Andre Gratian's work closely are reading what he's showing in his updates. And Terry Laundry fans - I hope you read his update last night too. I think it kinda ties in with that McClellan set I posted last night at UBTNB3 (links at right). Today, I'm not sure I'll be tweeting very much - we already know the levels to watch in our "string" will be 1087, 1092, 1097. I'll be surprised if we see above 1097 - but if so, there's that 1102, 1107, 1112. Somehow I expect an inside day though.

Until we get some of those ironed out, we won't be talking about confirmation unless (preliminarily) the SPX drops strongly under 1082. Well that's Friday for you - and the market can be like the ocean, not giving up its secrets all too easily. So we work out the probabilities, you consider your trading time frame and style, you finish each Friday to where you can relax and enjoy the weekend with your family and friends.

On the gold front - it's already dropped from the numbers I described recently (my 1097 and Tony Caldaro's 1119 in $GOLD), so assuming a correction continues, the depth and shape should clue us in for the wave count. We'll consider Tony's wave count, trendlines and indicators, and the obvious price support levels in the post on gold I posted here last night). Whenever and wherever it finishes this pullback, should make a great buying opportunity.

So as always - careful out there, and happy market navigating!