It looks like that this down leg could get impulsive = wave (C) down off the Triangle wave (B)
This count should be ok as long as we don´t get an overlap above 1226.76
At the eod we have a completed small triangle that should have established the bottom of the wave (3)
In addition with TRIN at 2.78 , it is reasonable to expect followthrough to the upside for tomorrow.
If we get the overlao then a large ED could be the pattern
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Last edited by TWT on Thu Nov 17, 2011 5:09 pm, edited 1 time in total.
Cobra wrote:well, guess that's it for today. NORMALLY we should have a lower low first tomorrow. the intermediate-term trend is still up. thank you guys, I'll see you tomorrow.
Cobra:
I thought you mentioned somewhere in your market outlook that breaking 11/01 would be a trend change.
Cobra wrote:well, guess that's it for today. NORMALLY we should have a lower low first tomorrow. the intermediate-term trend is still up. thank you guys, I'll see you tomorrow.
Cobra:
I thought you mentioned somewhere in your market outlook that breaking 11/01 would be a trend change.
not confirmed breakdown yet.
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Cobra wrote:well, guess that's it for today. NORMALLY we should have a lower low first tomorrow. the intermediate-term trend is still up. thank you guys, I'll see you tomorrow.
Cobra:
I thought you mentioned somewhere in your market outlook that breaking 11/01 would be a trend change.
You want to see that support level become a resistance level so it does not become a bear trap.
Then again next week will be odd with Thanksgiving. That should mean lower than normal volume, especially on Friday.