Tuesday, November 16, 2010
11/16 Daily Commentary
If the market instead extends today's rectangle into tomorrow (that is, does not rally tonight) then this will increase the odds that it is wave 4 of a 5 wave down. If this decline develops into a 5 down then the higher level count would need to be revisited and perhaps revised.
I plan on shorting DJ futures at 11,082.
The Euro declined in what I believe to be a completed 5th wave down. It should retrace back to 136.20. The prospect of this recovery in Euro is what caused me to exit dollar long and increased the odds for a stock retracement upward.