SPY chart tells the story: Its the story of gaps.
We'll see how Monday shakes out. The market is very short term overbought as it is.
Nov 23, 2012
Elliott Wave Update ~ 23 November 2012
Low volume post holiday. The tape got squeezed for all it was worth.
SPY chart tells the story: Its the story of gaps.
At the 50% Fib of the total decline
The market is very close to triggering the third Zweig Breadth Thrust since the 2009 low. The other two are highlighted in Blue. These were "kickoff" thrusts of major legs up. If another triggers, there is an excellent chance of new market highs above 1474 SPX. I don't make these rules folks, the market does.
We'll see how Monday shakes out. The market is very short term overbought as it is.
However the VIX bear signal has been triggered. Close back inside the BB.
SPY chart tells the story: Its the story of gaps.
We'll see how Monday shakes out. The market is very short term overbought as it is.
