THE DOT - if this turns orange or red be alert

Friday, October 1, 2010

NDX monthly update

A picture speaks a 1000 words is quite true most of the time. The US markets made a clear statement last month that an unfinished business needs closure. we need to go higher in order to make the monthly 13 counts - the only theoretical confusing part which I will not go into details now is if the 10 you see left hand is not even an 11 but that we can determine as we go higher. Do not get me wrong from current levels I see medium term -next 2-3 weeks - rather a downswing - but we very likely by early NOV markets will be higher. Remember we broke out of a triangle pattern which has a target of 2100 but the first leg up is about to finish any day now most likely early next week. yesterdays reversal was an indication but not the high yet. 2030-50 remains a strong resistance area short term and a pullback from the 2030 level to at least 1950 probably even 1900 is due the next 2-3 weeks.

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