Scott,
Globex has seen 1158.5 in the futures for a low so far, so I'm going with my more agressive scenario, that 1162 will not be the area that holds, and we have a little more ground to cover on the downside.
However, since calculating that 1143 Dec futures target earlier today, I've gone back and incorporated important Globex data in the mix. The net effect was a target 7.5 pts. more shallow, or 1150.5. If I err, i prefer to err on the conservative side, so I'll be using the 1151 area as the spot to look for the s-t bottom.
One other important item i have to address is the fact that wave 1 in this 5 wave series terminated on 11/17 at 1157.50 at the end of the post rate reduction spike up. I have us in a wave 4 pullback now, and EWT says there should be little if any overlap between waves 1 & 4. Thus, there will surely be buyers lining up to buy at 1157.50. The topping pattern that was made over the last 4 days DOES project to 1150.5 (incorporating globex, which i feel safer doing), so holding out for that last 7 points could get a little dicey. I'm gonna cover shorts regardless of where the market is by 10am (due to time constraints for wave c of 4, which we're currently in.) If i can get something close to 1151, i'll take it at anytime.
Hope this helps... Didn't wanna leave you out in the cold.
David |
