Saturday, November 12, 2011

The big picture, my view. Orange week.

A bullish pattern so far but we need to complete a wave 4 at say Spx 1200 (centered) If W2 =W3 142 points and W4 not complete = 1200 then wave 5 = Spx 1342

From W3 to where W4 a .618 retrace should hit
Spx 1198.00/1203.33 area. Or a .618 Dow level 11500.72
needs to happen soon.

If not we could still be in a WAVE 3 UP ! Or we need to take out
W1 @1165.55 to kill this scenario.

Week ahead is orange pattern has most Mondays down.
Again I'm overbought on a Friday 4 weeks in a row.
To tell the truth there is too much smoke and mirror to make a call till we do a technical move.

Jerry O