Wednesday, November 3, 2010
Obviously we have reached a solid resistance level in the DOW as this marks also a double top level. Not that I think that this has an ultimate value since we are in wave 5 of the overall rally and have reached the high of wave 3 and it can be a level for the top but as retail has reentered the game just last week I doubt it. More important short and medium term is that we also reached the target of the wedge formation we broke above and do struggle with the channel resistance line. Hence we have a high concentration of 3 technical price pattern aspects with the same outcome. We might get a little spike today initially if we are close or at to 1 tril. initially to the 11300-50 level but since we have reached an exhaustion level at daily Bollinger plus we are in a week 9 count the likelyhood we stay there is quite low. Also we have still a positive astro event but the stationary of Neptun on the 6th gives a very likely negative spin starting anytime now. I do not think the FED will make a blow away announcement since they can not afford to get Europe and China /Asia into a hostile bias and any number above 1 tril. would definetly trigger a currency war. After all the whole world economy is very fragile and in a globalised world one needs to be compromising especially when you are dependent on outside funding. I do expect from those 11300 levels a pullback to the 200 day MA or 10400-500 level the trend channel support short term. We will have to see from that level how o carry on in case an attack from Israel shows the drop will be much steeper. A bit confusing is these not really convincing bombs everywhere media thing which rather seems to be a hoax or distraction from something else rather. One needs to be alert though as a famous psychic had named Nov. 2010 as the start date for WW3 and halfpast human's web analysis claims that starting next week we enter a time frame which is much stronger than 9/11 in its magnitude of events.
Posted by getagrip at 6:27 AM