The past 2 sessions I've posted the pre-open with my take on where we are going forward. The reason is that the day sessions have been treading water and no change in my expectation was required. The stock market, instead of breaking up from the rectangle forming in the Nasdaq, broke down. However, the wave count still calls for another high. DJI found support 45 points below it's critical M/A which is normal behavior.
I1 is down through the 18th but the wind is at the market's back, so I'll let either the count or critical support play out. DJI below 10,210 is the critical break. On an overnight decline SP below 1196 gets me short.
I want to short crude but it's correlation with the stock market is very strong at this time, so if I call one I call the other. Crude's wave count looks complete on the upside.
I'm still long the dollar and it's in Minute 3 up. I don't have a price target but it's sentiment gauge has turned up for the next several months and I don't want to finesse it. I'll hold and not sweat the small stuff.
Today silver and gold experienced reversals, spiking then plunging. Both have probably seen their tops. The precious metal sentiment gauge has peaked.
Something I just noticed: On 11/5 $SPX came within 1 point of the 61.8% retrace from the 666.79 low. That would make a pretty damn good completion point for a P2 up.
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