Wednesday Update... Happy Thanksgiving everyone!
(to watch on youtube: http://www.youtube.com/watch?v=A-i2BXQpaxg)
Wow, what a surprise today! I certainly didn't see it coming!
(to watch on youtube: http://www.youtube.com/watch?v=z8e_iAuuUeI)
I knew there was a possibly of another "Dubai Surprise", but I thought it would be this Friday, not Tuesday. I expected the usual grind higher, but instead they decided to sell it off and fool many bulls and bears alike. While I did mention that we could be forming another "MA" pattern, which would have had us sell off like we did today, I really didn't think it would play out.
Well, I guess that's why us sheep are still sheep... and not wolves, because they seem to pull these little tricks when not many are expecting it. It's the perfect time to sell off the market, as the light volume holiday week will allow them to take it down slowly without a panic, to reset the charts again.
Then they can rally it up for all of December to make Santa happy. Yes, I do believe we will still get a Santa Rally. This North Korea/South Korea event was timed perfectly. Just do it during the America Thanksgiving holiday's as most of the traders will be gone and the light volume will be easy to manipulate by the gangsters.
However, I believe the likelihood of us starting a major move down here are slim. This sell off it too controlled... no panic whatsoever. I don't think this is the start of wave 3 down in a 5 wave pattern. I think it's wave C in an ABC correction down to make up wave 4, with wave 5 up still to come.
I think wave 5 will take us up to the DIA FP next January/February for the final high of Primary wave 2. After that, P3 should begin down, and all hell should break loose. This should have started this year I believe, but some how they must have extended it for some unknown reason? Possibly to get though the November elections and the Christmas/Thanksgiving holidays?
Right now, as in tomorrow, I'm expecting a slightly up day or "pause" day. It's common to see them after such a large move down, or up. After that, I don't know? Friday is only a "half" day, so it could be another pause day, or a surprise big down day (from some other unknown news event)?
This week was a wildcard week anyway, as most people thought it would be a flat to positive week. I'm sure there weren't many bears that were short the market today, and that's exactly how they planned it. The luck ones that were short, and did profit from it, probably closed their positions out too early as they too were shocked that we actually sold off as much as we did.
Well anyway, I'll just have too eat some more mud again I guess, but I'm expecting the rest of the week to be flat to slightly up. (Now I know it's going to tank... LOL).