Wednesday 28 November 2012

Closing Brief

A strong closing hour to what was a pretty stark reversal day. With the close and break >sp'1410, this opens the door to my original wave'2 bounce target of sp'1425 - as early as tomorrow.


dow'60min



sp'60min



Trans'60min


Summary

For those who were chasing the opening declines..and who didn't have tight short-stops..today has been a disaster. I can understand it, but in this nasty market..there is no excuse for good stops, not least when any random news headline can cause intra-day swings like we saw today.

I had been seeking a wave'4 - or however you wish to count it, but it seems - not least from the daily chart, we have a clear wave'2, consisting of a standard ABC.

C' wave is surely underway, and I'm guessing it concludes around 1420/25, which is very viable as early as tomorrow.

I remain watching, and ready to re-short.

The usual bits and pieces across the evening....
  
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