Monday, November 23, 2009

11/23 - E-MInis

Today's ramp up may still count as a wave 2. Price could not stay above the mid-channel line.

I am still going with this count (applies to SPX as well). The red trend channel I drew shows price topping near the mid-channel line. A break below 1083.50 (1086.95 for SPX) would confirm the trend change.

I am expecting the next leg down near 1065 or so. This could either be a minuette (iii) or it may only be a minuette (c) of a larger flat. If it becomes a minuette (c), it could fool the bears with a false break of the neckline.


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