“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” Lao Tzu, Chinese philosopher, 6th century BC

PAYPAL

Thursday, 14 November 2013

14 Nov 2013

Prices chugged higher today at our apex of the two angles that have been the controlling factor the SPX.  Todays pivot could be some top of some sort, and the reason we say this is that we could be seeing a wedging pattern since the lows made on the 8th of Nov and a bigger wedge forming since the high of September and low in October as evidence in our 60min chart below.  Could we be witnessing a ending pattern here soon?

Main-Trend: DOWN (unconfirmed)
Short-Term: UP

Volatility has not been kind to our main trend do to the fast moving prices.  This is why we have the short-term trend that is more reliable but ever changing.  For now we are following the shorter term trend and that is showing a divergence at the moment.  The weekly, daily, and 60min charts are all touching its upper BB line.  So we should at least expect a pull back if todays top turns out to be a 3rd wave shown below on the 15min chart.

60Min:

15Min:

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2 comments:

  1. obe14 November 2013 at 22:23

    Mp, Do you follow Cowan's anaylsis at all? He called the May top with five months of sideways action and the October low.

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  2. MP14 November 2013 at 22:54

    He gave a few dates as potential down turn dates.. But I don't think he mentioned an Oct low date. The next one that I remember is on Jan 2014 as a potential topping date. But if you look at his work, May 21 was his highest probability topping date. Prices did not top on this date but sentiments did. you can look back on my posts and you will see those sentiments diverging with current pricing.

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