Finished the day up 34 handles on scalps yesterday! Lets get an overview of the 'bigger' picture first. I am looking for a sizable rally in this time frame with the launching point late wed to early thurs. But it must be kept in mind this is not the end of the bear market. In fact a significant low is coming soon when the 40-45 day cycle bottoms in mid Nov. The end of the cycle that started at spx 1576 is due to end in jan when the 120 and 45 day cycle bottom in tandem again. Be advised that any time and i mean anytime the closing ticks on the nyse close above plus 800 a 'significant ' decline will begin within 2 trading days. Couple of recent examples are 2 days before the 1303 high back in aug. , several days during the recent sept and oct 'crash' and most recently oct 20. Go back and look at your charts. Any way yesterday the closing ticks were plus 781! Not over 800 but close enough that if your a bull you should be scared to death. Also yesterdays monster rally (very typical bear market behavior ) simply ran the dow back to its 'triangle ' upper trend line. Therefore i am expecting a rally into a day or two past the election , but it would seem highly likely we get a good decline today first. it is no surprise that the first leg of that decline ran from 942.75 to the 919 area , a .236 decline of the rally from 825. A .382 decline would bring it down to 897 area. M arket profile freaks have vah today at 896.50. I would expect to see this at a minimum. I will be running my scalps at the mypivots .com website as usual today, and will give out price proj. as they are given by market action. Good trading all!
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