Short Term Trading Member Forum

[mr_cash4]

denmo, if you look at OEX/SPX/DJIA, they are sporting textbook pennants (peter's downside-sloping consolidations) that are bound to be broken to the upside - furthermore, the upper TL (across the highs) of those pennants could be/is to be interpreted as a Hurst VTL - so, IMHO we should head lower tommorrow, but I will be watching for a possible break of the upper TLs of those consolidations / VTLs to see IF we have already bottomed as both OEX and DJIA went slightly lower today than on 11/22, so possibly (but not very likely) the 5-w cycle low is in as of today.

a major "problem" with the cyclical analysis right now is that Thursday was non-trading and we only got about half-day worth of trading action on Friday, and I am still not sure how to fit non-trading days due to holidays into the cyclical analysis.

so, will see, but imho both Nasdaq and DJIA ought to challange and likely exceed their 52-w highs (2150 and 10750) by Dec-15.