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Friday, December 31, 2010

Friday, After the Close!!!

Unless the SPX has a drastic sell-off come Monday when some volume returns to the market to push the SPX down impulsively, I am going with the corrective on-going 4th wave count, my gut has been telling me for two days that the SPX was not behaving as if a important top had been put in because we never had a decent 1st wave sell-off. One other thing I have noticed is that when the Trendfinder does signal a sell, the market will either sell-off hard, or go sideways in most often a 4th wave correction, as time has dragged out since the high, this is more of a sideways movement and not moving lower, again suggesting a 4th wave. In the short-term the over-bought conditions have relieved themselves, but on the longer-term daily charts, they are just starting to roll over to a sell. A quick 5th wave run-up come Monday would bring short-term conditions back to over-bought to match the longer-term conditions, that would be better for an important top being put in early next week.
Have a Happy New Years!!!!
I will be updating thru-out the week-end :)
Trend Finder II is updated for the daily, only one change today HNR went to a sell.

2 comments:

  1. All the best for the new year.

    Thanks for daily analysis

    ReplyDelete
  2. Thank-you Agnes, I hope you Enjoy the week-end!!!!

    ReplyDelete