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The daily bar chart of the S&P500 December contract might be worth taking
the time to look at, since it is not uncommon to see history repeating
itself on an exact same pattern basis at least (twice) as far as cycles are
concerned.
It appears that we are to repeat the scenario that we had after we made the
last top at 979.60 (high) and that was on August 7th.
If we take that day (including it) and we were to count 10 days from then,
here we are... counting also 10 days from this very last high we made on
October 7th., gives us a close today of 979.45 (in a certain way, time and
price seem to be in agreement at this point and important juncture).
If we were to go through 983.50, then this scenario (turning point) would no
longer apply. I doubt very much that this will be such an easy task to
penetrate that resistance. I favor the down side at this point until proven
otherwise. Moreover, I strongly believe that if we were to follow this
scenario to the down side and we were to touch below 960.50 then we could
very easily go to at least between 910.00 and 925.00 in the months ahead.
I hope this could help your way of trading,
regards,
Jean Comeau http://www.cgocable.ca/trader jcomeau@xxxxxxxxxxxxxx
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