20 Nov 2013

Our objective for the SPX has been met which supported today at the 75ma and our converging angles (Time and Price?).  This label of wave 4 is currently favoured, but I am still in the idea that the ABC (PINK) is still possible and would give us an expanding pattern of sorts.  If that is the case then the next probable low could come in the 1760 range. So we should keep an eye on this level.

Our 60min stochastic is in the down position but have already made a positive divergence, so a finished move is not out of the question and a potential move higher for a 5th wave and higher highs could start as early as tomorrow.  For now our indicators tell us we are in a down-trend

Main-Trend: DOWN
Short-Term: DOWN

It is the first time these two indicators have agreed with each other in a while so we should keep an eye for momentum to be on the downside.