Friday, November 1, 2013

Friday's Market 11/01/2013

The decline from Wednesday’s 1775.22 all time high has been extremely interesting, and which may lead to some longer term implications.


The decline started with a fairly straight forward sequence which went 1770.67-1773.30-1764.31-1770.48-1757.24. From that point, the SPX made a choppy advance to 1768.53. The sequence 1766.33-1755.72-1765.54-1763.20-1768.53 completed a complex semi-inverted corrective wave, and wave 2 from the 1775.22 high. This was followed by another decline to 1752.70 which completed today, and wave 3. This afternoon’s rebound to 1763.88 would seem to complete wave 4.

If this count proves to be correct, it would point to another move lower, which should complete at 1749-1750. BY my count, this would complete the fourth wave from 1646.47, and point to another move higher, with a target of 1782. This would be above the critical 1776 level I have been discussing for some time, and could possibly complete the entire sequence from the 1074.77 low.


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