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Friday, November 11, 2011

Friday, 11/11/11 update

Buy signal on the Vindicator Buy/Sell, but not going to trade this as it looks like the underlying trend is down.

Fascinating fractal pattern in last 6 weeks: double zig-zag from low of Oct 4 to top of 10/27; triple zig-zag from low of Nov 1 to top of Nov 8; and apparent double zig-zag in progress the last couple of days. Elliott theory says moves with the trend are in 5 wave structures and against the trend are in 3's - so underlying trend appears to be DOWN.

Target area on this zig-zag formation is around 1260, which has been support/resistance in recent weeks.
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