Thursday, November 3, 2016

Short term bottom?

I'm mostly confident that this is a bottom.  descending wedges usually are.  They indicate the downward trend is running out of momentum.  Of course this is the antiquated system Mannarino talks about, so you can wait around if you want more evidence before jumping in.  

Based on the recent timing array I posted, there should be a 3 day reaction after the election.  Probably upwards if Hillary wins, Downwards if you can't stump the Trump.  It's meaningless from a fundamental perspective.

This will rebound starting the next week, and reach a major turning point on the 16th again, which is also likely a turning point for the week, as we also have that as a turning point on the weekly array.  I should probably dig up a monthly chart, I think there is one.  He said November would be a turning point.  If that is the case, it will surely be a low.

Bo Polny believes today is at best, a 1 day rally. 

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