30 Oct 2015 - Good Start For Bears

Can I call a top here?  Well... not really, but it is a good start with the intra-day signal falling into bearish territory.  The best way to confirm this is if we can get out of the OB situation that the ST is in and maintain a bearish stance on the intra-day signals.  Sounds confusing? It gets easier once you start practicing this way of analysis on a daily basis.

The bigger picture lies in the Monthly chart since it has closed today.  I have to say that it does look like a compelling argument for a bull market, but the signals are still open to the downside and anything can happen in Nov. to change the bullish stance.  So we should try to keep within last months range for a bullish sentiment or fall below it for a bearish sentiment.  What I just said here is that its pretty much a do or die for bears or the bulls regain control of the market.

The start of a new month and week next trading session will need to show us its intentions...

SEN: Bearish (On Verge Of Turning Bullish)
ST: UP
PA: UP

Note: If this is a W2, then it is definitely performing its role as advertised..

EWI - " Wave two corrects wave one, but can never extend beyond the starting point of wave one. Typically, the news is still bad (Good in this case). As prices retest the prior low (Highs in this case), bearish sentiment (Bullish in this case) quickly builds, and "the crowd" haughtily reminds all that the bear market (Bull in this case) is still deeply ensconced. Still, some positive (Negative in this case) signs appear for those who are looking."