ChartsEdge (US equities) map for 11/6

Here's today's intraday BP map from ChartsEdge Daily Maps (remember, their Pattern Recognition intraday map for today is at their subscriber site (and their two types of intraday maps, plus their weekly cycle forecasts (use "ChartsEdge weekly" label), gain predictive power when they all look similar) - follow links on their site for details, link above and at right):
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ChartsEdge BP Chart for Nov06

Posted: November 6th, 2009 | Author: Mike Korell |

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

Thanks once again, Mike and ChartsEdge! Remember folks, it's Friday, and it's rare to close out a Friday with confirmation of a pending near-term Elliott Wave count. But it may well be enough if we see 1067 (perhaps 1069) operate as resistance. Many traders will be expecting more upside followthrough after a larger range day - but remember, yesterday followed a Fed day that carried the usual volatility games. It's true we cannot guarantee that minute wave 2 can't go higher. But there's very strong resistance at 1067, and minute wave 3 looms around this corner to take the equities markets lower.

You can ignore the Amazon story in this as its Elliott Wave chart is different and overall more bullish. It's true I don't track the EW counts of individual companies (so I don't have a sense of when and where they may correct or accelerate), but Tony Caldaro does (so check his OEW site in the list at right for any he may show that you're interested in.

Levels that the SPX might be expected to test below today, include 1060 of course; the 1055 perhaps which looked interesting lately, and of corse 1057. But I'll be especially interested in 1052 and 1047, if the SPX can get there today. Conversely - if the SPX can push over 1067, that changes things and that 1069 is a test with 1072-1077 coming into view. 1082 I'd regard as a top, IF 1067 is broken. But, anything over 1067 also makes the Dow ($INDU) look "too high" (at least to me). Plus there are other technical reasons to believe that 1067 is a strong barrier, reasons I've referenced at various times here. Including, that's the prior swing high from the internal small 4th wave of the movement down, it's the top of Tony's 1061 pivot (pivot +6), and moving averages reinforce this level.

As always - careful out there, and happy market navigating!