Monday, November 17, 2008

About to Break Through Lows on Year with Ease; Nov. 17, 2008

New lows are the year are about to be acheived. Wave structure and overly complacent bullish optimism that a bottom is in all over TV confirms this. My target for the S&P is the 700-750 area. If my count is right, we are thrusting down from a triangle which means the market should fall in a hurry, most likely all week. Once it bottoms it will be quickly reversed and a large rally will ensue, so the bears should use caution if overexposed without any protection.

No comments: