Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Monday, October 3, 2011

Monday market Action

I wasn't going to take the time to post a chart today, but this was too easy.  Wave 3 down is entering its late stages.  Note the beautiful trading channel this move has defined - with no loss of momentum.  It looks like wave iv has started.  My target of 1000 to 1050 for the complete 5-wave pattern still holds.  Today, wave 5 of iii traced out its own perfect five wave pattern.  I'll leave labeling that move as an exercise for the interested reader.  Go ahead, it's easy and fun.

Tomorrow ought to be up, retracing the drop from Thursday's close.  Maybe 1140 will come into play - this time as resistance.  Should be interesting.

Update:  From the close Thursday at 1160.4 to today's low of 1098.92 is a drop of 61.48.  A .666 retracement would take the bounce to 1139.87.  Should be very interesting, indeed.

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