As stated in my prior post, Next Dip Buy, I am anticipating a correction will begin sometime in the first part of November and travel into the end of the month. I do not currently have anything on an intermediate level saying this is anything but the next dip buy, but will update that if it changes. We should be very close to the beginning of that correction at today's close.
The analogs are not particularly helpful here as they allow for both a rolling upwards correction or a deep correction. I am not sure which will occur. I have run the deep correction scenario so I would know what it looks like on the chart. It would provide a correction back to the 1900 area. Here is the chart:
If I have the cycle wrong (we are not back to significant support end of November), then I will likely wait for the next cycle around Christmas time. I am going to go flat in the indexes long and intermediate term at tomorrow's open and wait for the next dip to buy on those time frames. From a short term perspective (1-3) days, I am looking to trade this with a bias towards the bearish side. I don't post those short term trades any more as they take too much time and nobody found them helpful anyway.
There is always a bear path and a bull path. We cannot know which path our future will choose. As always, do your own due diligence, read the disclaimer, and make your own investment decisions.
Peace, Om,
SoulJester