The daily NDX counts a SEQ 12 today and we have still the Combo 11 open waiting for the 13 to be completed. At some point, we will make those new lows in November but we have to see what the SEQ 13 will do once it's in. The SPX has an 11 SEQ count today, so we have a one day delay and also a different price pattern. The green count which, if completed, runs up to a 9 is a factor as well. The SPX has to test the triangle support that it will very likely do in this go at 850. The probability to break through now is quite high but still we could make one more mini leg up before heading to new lows though says the SEQ count. That is after all negligible as the overall picture looks bearish anyway - but this new trough - once it's in but from quite some lower levels - will serve as the floor for a substantial rally. We have to follow closely to see how it works out.
Tuesday, November 11, 2008
NDX technical update - market update
The daily NDX counts a SEQ 12 today and we have still the Combo 11 open waiting for the 13 to be completed. At some point, we will make those new lows in November but we have to see what the SEQ 13 will do once it's in. The SPX has an 11 SEQ count today, so we have a one day delay and also a different price pattern. The green count which, if completed, runs up to a 9 is a factor as well. The SPX has to test the triangle support that it will very likely do in this go at 850. The probability to break through now is quite high but still we could make one more mini leg up before heading to new lows though says the SEQ count. That is after all negligible as the overall picture looks bearish anyway - but this new trough - once it's in but from quite some lower levels - will serve as the floor for a substantial rally. We have to follow closely to see how it works out.
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