Note: the counts along the trendlines are NOT e-wave counts. I will provide an updated e-wave count later in the week. Though at junctures like this e-waves tend to forecast possibilities in either direction with equal likelihood.
1. The day ended EXACTLY on my green trend line. That line was draw with the help from a posting on either traders-talk or atilla's blog the night before (11/13). I didn't even see it until I was showing a friend something on the 60 day and he asked about that line. It is roughly the negative slope from the high point at C to the low point near D. It was drawn in order to get an estimate of where it would cross the upper trendline for help locating where a potential E would occur. You know what? E was right there at Option expiration.
2. We went vertical too fast on 11/13. We needed correcting in a big way and to follow the rise and fall at similar rates to over waves in the trading range.
3. This overall count was one proposed by Craig much earlier, before the recent events. You can see it here:
http://www.stocktock.com/2008/11/13/pennant-update/
and that was from just 11/13!
4. The wild ride has effected everyone's emotions. Everyone and their brother is expecting the market to crash on Monday and are preparing to try to short any rise. Wouldn't it be interesting if the big boys send it up on a wild ride, so high that the bears become bulls, and then ripping the floor out from underneath them?
ps. Or it could just go to hell in a handbasket on monday :)
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