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Tuesday Night Quickie
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Tuesday Night Quickie

by The MoleAugust 11, 2009

Tomorrow might bestow us with the opposite of what everyone seems to be expecting:

The pattern currently looks incomplete and would ‘look’ best if we tested SPX 1000 and then either dropped or continued to the upside. Of course a continuous drop from here is not impossible but we would need to see a breach of today’s 992.40 low – preferably a breach through 990 as it would trigger a lot of stops. Should that event occur I don’t see much support until around 985 – 980.

BTW, IF we would rip higher tomorrow – let’s say all the way to 1010 – and then start dropping, guess what infamous pattern we would be painting? πŸ˜‰

I have a hard time counting this chart but it seems to me that we painted a clean (and much larger than expected) motive wave. A little consolidation into 78.9 might be on the table for tomorrow, after which we should see a continuation of this uptrend.

Cheers,

Mole


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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