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There is a case building for a potential retest of
the 9/21 lows to occur around 11/19 to 11/21. If you look at market symmetry, it
appears a mirror image focal point occured with the low of 10/19. The swing from
10/19 low to 10/26 high matched the swing from 10/9 low to 10/17 high.
Near impulse theory calls for a high pivot 0n 11/5. If this occurs, it will
match in reverse the swing from 10/4 to 10/9. The lows of 10/9, 10/19 and 10/30
present substantial support. If prices close below these levels (1050 on SPZ1)
look for a retest of 9/21 low. Near impulse theory has forecast a major turning
point for Nasdaq, DJIA and S&P for 11/20 to 11/21. This could be the retest
low.
Additional data supporting a major turn on these
dates is as follows.
Trading days from the 8/24 high to the 9/21 low was
20. 20 trading days from 9/21 is 10/19 the mirror image focal point. 20
days from 10/19 is Friday, 11/16, close to the projected turn date.
There is also information supporting the
possibility of a major high on 11/19. If the market closes above the resistence
level established by the 10/17 and 10/26 highs, I would expect a retest of the
8/2 high around 1238. So we shall see how next week unfolds.
Jim White
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