6 Nov 2013

The SPX intra rally this morning was higher than what I had expected, but nevertheless it has clarified a bit more of the pattern.  I would not use EW alone as an analysis but its good practice to help with probability, such as yesterdays C wave rally that was expected today.  By the end of the day, we just needed to alter some of the counts.  Overall though I feel we are still corrective and that a "downward" correction still exist.  Our main-trend still tells us that we are in an upward direction, so there is no confirmation long-term or short that a trend has changed.

Main-Trend: UP
Short-Term: UP