7 Nov 2013

the SPX made a B-line for the downside today, just when everything was looking up before the market opened.  I'm not sure if we are done with the move to the downside, but it seems we have made a 5 wave move down with a wedging pattern in the intra-day charts.  Let us see if we get a corrective move tomorrow or an impulsive one.  For now the count made on yesterdays 5min chart looks pretty good calling for a C wave move down.  Question will be if this is an ABC for Awave or some sort of ABC for a 2nd or 4th wave.  The daily stochastics still has a long way down and we would want to see it curl up to have a potential of changing the trend.

Main-Trend: DOWN (Unconfirmed)
Short-Term: DOWN

 

Resting on support of the up-trend.