Friday, November 13, 2009

Last Move Up Underway - 1121 Target One Likely Scenario

The market is on its last move upwards, ignoring a turd like consumer sentiment reading, a rise in natural gas inventory this morning.

Right now, November 19th looks like a good time target as a 50% retrace in terms of the final move upwards.  But it could extended to early December.  So much as I'd like to get back in, I'm going to twiddle my thumbs for a while this as this hopefully final move higher works its way through and start rebuilding short positions on strength.

1121 is roughly the 50% retrace of the entire move down.  We are right now close to resistance on a down trend line from Oct 07.  A breakout through the trend line freaking technicians out and a fall back under looks to me to be one scenario to watch for.

We are completing a 5 wave move up, the trend looks to be completing.

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