Following up on this morning's post, the pattern since the low of last Tuesday Nov 1 is choppy and overlapping, more typical of a correction than an impulse move. I know that seasonally this time of year has an upward bias, but this chart pattern is certainly not conducive to that bias. In fact, it could be that the high of earlier this evening at 1264.00 marks the conclusion of a Minor W2 upward correction and Minor W3 down is just starting. We'll know the answer by the end of day tomorrow.
Could it be that the collapse of MF Global is just the tip of the iceberg? Lots of smoke coming from the direction of CME, one get's the sense of some serious behind the scenes turmoil. Very interesting.
