Friday, October 11, 2013

10/11/13: Looking for 50% fib correction and then off to the races

Closed that small short at the beginning of the day for very minor loss.  Support was better than I thought and jumped on some more longs but in hindsight, wish I was bigger.  Wave looks fresh for a correction so since the timing window is at the open Monday next week, if we get a nice pop on Monday, then I'm looking to short it for a correction down to the 200 MA hourly by mid week.

200 hourly looking like prime support right now and market would need to get a nice correction to get more momentum to the upside.

CCI short term is sporting negative div still while cycle is turning up so looking for that short term correction and then giddy up for some wave C (or wave 3 for alt count) action.  Either way, the next wave is looking like at least another 2+% up.

Leads me to believe a more concrete govt plan gets done this weekend but on Monday there are realizations that there is not enough agreement on the debt ceiling.  Then, lo and behold, congress figures something out in the minutes to the deadline coinciding with a blast off for the indices.  We have seen this type of stuff before.  Just watch the price action....we get a nice correction into 10/17, I'm buying that no doubt.

My thinking for next 1-2 weeks is in red arrow/green arrow.

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