General Market Downturn (Update)
Earlier I posted a chart showing an expanding triangle to close out the year. The setup is an imperfect expanding triangle set to reach it's low by Xmas time. The market did a 2 week head fake to the upside and delayed the downturn by a week. All things being equal I would still wait for it to break weak support at ~2020 and the strong psychological and technical support level at 2000. If it breaks those the market could correct to the 1900 level (Aug '14), the 1820 level (Oct '14 low), or even down to the 1740 level (Feb '14) and all this before New Year's.
Recommended approach...put in an advanced order on your favorite shorting stock to coincide the closing price on 10-30-14.
Recommended approach...put in an advanced order on your favorite shorting stock to coincide the closing price on 10-30-14.
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