Thursday, 21 November 2013

Another little wave higher

Despite the recent wave from sp'1802 to 1777, the primary trend remains outright bullish. A small sub'5 wave to the upside - 1810/20, appears likely for the remainder of this week, and probably into next week - which is a shortened holiday week no less.

sp'weekly'8 - mid-term bullish outlook



I realise any given wave count is subject to change..and personal interpretation, but the bigger weekly charts are pretty clear.

Broad upside into spring 2014..with minor retracements along the way.

Best guess...
sp'1810/20...then down to 1770/60..before battling into the 1800s for year end.

A small wave lower in December

I might be getting lost in the minor wave counts again, but my best guess for the next few weeks is the following...

sp'daily3 - fib levels

Assuming 1815 is a short term top..within the next 5-10 trading days..I'd look for a subsequent down wave to around 1760/50...and then upside into early January.

Let me be clear though, I won't be attempting to trade any index-shorts until the spring.

Looking ahead

We have the usual jobs data, but really, there isn't anything too significant.

*there is heavy QE-pomo tomorrow of $4-5bn...bears..beware!

*I exited SLV-short today, and will look to pick up that position again (preferably in the 19.50/75 zone)..tomorrow or Friday.

For was alright.

Goodnight from London