Consolidation continues -
SPX off the Friday lows. Looks like a wedge and pretty HnS that finally busted support at 11:23. Maybe not? Now the upper resistance diagonal is busted. Was that an E throw under or a bust of the wedge? You can count it either way. Off the bottom - which bottom - it is tough to determine an exact position. Was the spike Friday a 5 of 3 or 5 of 1? Price is acting more like a 4 here than a larger more aggressive 2 of 1. Gray island gap at 23.5.50% retracement near 21 has been it so far. If that holds up we go, but if the 61% retrace gets cracked down we go. Again, tomorrow's supposed run on the banks in the EU may be a nice corrective mover.
I think there are 15open 1m gaps JUST off the move from 1173. That does not include the plethora below down to the 1040 lows.
SPX got within 2 points of it's November high and is trading above the 1219 April high.
DOW is about 60 points off it's November high and is trading above it's 11258 April high.
NASDAQ is trading at it's November high and did take out the November high and is trading well above it's 2535 April high.
RUT has left earth's atmosphere and is in orbit. The index that lagged taking out it's April high 749 has now dusted that and is 18 points above it's November high of 739.
Where are we in the count? We're somewhere in a 5th wave of P2 headed up to the top. Measuring things out hte way I see them 1283 would be the target for the top. It is possible we're still in 1 of 5 but I do not think so and believe we're beginning 2 here. That means there is still a 3 up to come.
December 7th will be a big day as all over the EU the citizens (they protest and raise hell and deserve that title - we're sheeple that don't do squat) begin to pull their funds from the banks. Look out for that. I believe we will see C leg down of 2 of 5 there.
AUD/JPY is consolidating and has busted correlation from the SPX. the dollar is backtesting the busted channel support here and is just under it's 80.11 resistance. The EUR/USD has completed a 38% retracement of the last fall and is reversing. So dollar up and EUR down over the weekend, might be time for those trend to reverse.
Minis trading at 1216 support and have been range bound since Thursday between 24 and 16. If 16 cracks 12, 07 and 00 are the major support levels.
GL this week!
Why does Scrooge love all of the reindeer?
Because every buck is dear to him!
