27 Oct 2014 - More Upside Is What I See...

Trying to see what the Fed will do is a tough task.  Trying to see how the markets will react when the Fed speaks is a bit easier.  I feel that there will be another push higher, but how much I still don't have a gauge.  So far the patterns from last week and the continuation early this week suggest a corrective pattern, which should continue with prices moving up.

As for time, I cannot see where prices could end up by Wednesdays Speak... But I have a sense of where we could stop in price before moving higher.  Our ST is still in an upward trend so the analysis has a greater chance of happening.

Prices are also overbought and could potentially accelerate up.  Of course there are versions of EW count out there so the main thought to take from all of this is that a resumption of trend continues after a correction. 

MT: DOWN
ST: UP
PA: UP

A possible top I see is near the 1980 level for the SPX.  What I do not know is if we will see that by the time we hear from the FED or before.  You can draw your conclusions from there if we have reached it before then or if we extend the low by Wednesday.

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