Ok so market continued to rally today leaving my nested triangle count in the dust, so I need to scratch that count out. No matter, the big picture is still kind of on tract. We have a nascent rally that continues to reach 12/24 +/- 1 cycle high which coincides with the new moon.
One thing to be aware is that the last full moon (12/10) and new moon (11/25) the polarity was flipped and market went the opposite direction. Will the market polarity continue in reverse this time? The cycle turn window is starting tomorrow so it will be very interesting to see the price and volume actions of leading stocks, precious metals, and the Euro the next couple days.
One possibility is that, judging the buoyancy of this market and its unwillingness to crash, we may just get a pullback into the 1235 (61.8% retracement of this latest rally) area and resume the rally into the next cycle turn window. This is because I do not see a strong confluence of trendlines intersection into the cycle turn window leading me to believe this is not a major top. Also, the upper blue channel line resistance has been tested 3 times by the market and each time it was tested the resistance got weakened.
Therefore, my outlook for the time being has shifted toward slightly more bullish.
No comments:
Post a Comment