Monday, November 22, 2010

11/22 pre-open

I count the SP futures as completing a 5 up from the 11/16 low.  Same for DJ and ND futures.

So, completing this abc down and rallying to complete the abc up is the expected path.  This 5 up is the 2nd wave of what I expect to be an ascending triangle with 3 tests of 1225 SP futures prior to resumption of the final 5 up for 2009-2010 rally top.  I1 is up through 12/6 and that is a lot of time just to be milling around in a triangle.  The absolute values of I1 are a very low levels so a vigorous rally is not in the cards. 
Silver popped overnight with stocks but has since withered with them as well.  On the expected stock rally I want to short silver.

1 comment:

  1. ES
    Good luck.