1 Nov 2013

Yesterdays comment on the possible 75ma on the 60min chart support was indeed the outcome of todays low.  A rally ensued thereafter, and although we cannot rule out a finished correction, we do have what seems to look like a 5 wave move up.  This could also be seen as a C wave of a B wave.  Therefore we should see what Monday has in store for us. 

I do believe that Nov 4 is also a reactionary day.  Todays reactionary date was a bit subdued, so we must allow it a few days to process itself.  It might be possible that yesterdays move was the reactionary date that was a day early.  All this is speculation until the pattern has formed so lets not get ahead of ourselves and just trade the trend.

Main-Trend: UP
Short-Term: DOWN

Our weekly SPX chart has formed a spinning top, but it is a positive candle and not a red one.  Just something to note.

Another possibility move would be to the upside assuming ABC is done and todays 5 wave rally is the 1st wave.