Saturday, November 1, 2014

11/1/14 -

As I suspected, the market was not going to let more bulls in and ran straight for 2020.

I just reviewed my weekly long term chart and completely missed the gray channel. I relabeled the chart and believe an expanded flat was completed for wave 4 of (3).

So it is very possible that we do not see a meaningful pullback or a flat as I had been expecting on the 60 min chart below. This may just run up to a new ATH and tag the upper end of the gray channel , which is at approx 2040 on the weekly chart.

Of course what I would like is for this leg to complete here at 2020 to complete wave 1 of 5 of (3) followed by a wave 2 pullback. We'll see if that happens.

5 Min 

60 Min 
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