Tuesday, November 10, 2009

Keepin the Faith...

Frankly this minute [ii] is getting a little long in the tooth. It still has not made a new high, but the longer it drags out at this level, the greater the chance it will make a new high. Daneric's 535 ABC count looks good right now and it suggests that we are in wave 5 of C for a new high.
BPSPX:CPC has not given the "close your shorts" signal yet. But its really close...when the little pink line crosses the green line going up...its time to be long. Unless we make a drastic turn tomorrow, it is going to cross.

CPCI:CPCE has yet to cross so through this all it never signal to go short.
VIX held at support today.
Bonds confirmed the trend reversal today with a red candle and a lower close.
USD held support today also. Bullish falling wedge still in play.

So in conclusion, really not much has changed from yesterday except some time value was ground out of the options. If we burst to a new high, that level of course could be the end of P2.

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