Keene Little : 10/1/2007 1:10:59 AM
Monday's pivot tables: Link
The move down on Friday is just a 3-wave move so any rally back above the afternoon high would leave it that way and would tell us we probably haven't seen the high yet. Whether that leads to immediate highs or first develops into a larger decline on Monday can't be known. If the afternoon highs hold then it's possible we have a 1-2, 1-2 wave count to the downside developing in which case it needs to sell off immediately on Monday.
Based on the breaking of uptrend lines and what that should mean for the larger EW pattern I think the higher-odds probability move is a continuation lower and that's what I'm showing on the SPX 60-min chart: Link
. The daily chart shows price is in the middle of it up-channel to there's no good play from here: Link
The NDX 60-min chart looks like the same setup (with an expectation that we should get a deeper pullback at a minimum): Link
. The daily chart shows more of an ascending wedge and with price up against the top of the wedge as it hit the top of its longer term parallel up-channel from 2006 has this index looking more like a possible top right here: Link
OI Technical Staff : 9/30/2007 9:59:59 PM
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