Replies to post #10711 on 123Tom's TA study group

[Sendme]

I do believe that we are probably in a topping process, but that could take months or even years to finally top. Until then I just try my best to see if the charts are doing anything out of the ordinary or just grinding higher.

I just looked at the 1 hour chart on the SPX and once again I am still seeing a normal grind higher. Each consolidation is aprox 3-4% and we see that price does flirt with the top and bottom so it gives us a total average closer to 4-5%

If the market keeps the normal grind this could go sideways well into the end of the year.

Often times I hear people mention that this sideways grind is just another way that the crooks on wall street can maximize their profits on traders that trade options as they expire worthless on the 3rd Friday of the month when the market goes sideways.



Then again when coupled with the Russell 2000 chart which suggest the possibility that the market could hold out until Jan 15th up until March 15th before we see a bigger market pullback.

I think at this point there would be a better chance at a 10-12% pullback.