Friday, October 29, 2010

10/29 3:00

Stock market remains mired in abc, probably tracing out a B wave.  Our line is drawn in the sand as far as critical support.  10,119 - 1.35% is 9,980, but this is just the other side of 11,000 round-number support so let's say 9,975.
Gold is forming a wave 4 rectangle,  so I want to stand aside of gold and the dollar until the gold top is in. 

6 comments:

  1. Have a great weekend, Steve!

    Time for a little R&R in preparation for Monday.
    Next week should be fun!

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  2. You all have a relaxing weekend. Sunday night is the start of the action.

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  3. Steve
    looks like aapl and amzn may have already turned as market leaders which could give us a clue. On vacation in SF so having to adjust to the two hour time change. Have a good weekend!
    Charles

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  4. SPX
    Diamond Top from before the open.
    http://99ercharts.blogspot.com/2010/10/spx_29.html

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  5. SPX
    Diamond Top just before the close; the pattern held.
    http://99ercharts.blogspot.com/2010/10/spx_7545.html
    Have a great weekend!

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  6. USDJPY
    Double Bottom and backtest of Falling Wedge. Bullish!
    http://99ercharts.blogspot.com/2010/10/usdjpy_29.html

    ReplyDelete