Friday, November 2, 2007
10/31High, 11/6 Low
The 10/31-11/1 CIT was a direct hit (see previous post) with a 10/31 High with a 60+ SP decline right afterwards.
The hourly SPX (click on chart to enlarge) has 1st support at the 10/22-24 lows @1489.56 SPX, after that it has key fork support at the 1480 SPX area, right at the Top of wave 1 Support @ 1479.40 SPX, where also the 200 DMA@1479.50 SPX is.
Many on our Time and Cycles Yahoo group (http://finance.groups.yahoo.com/group/TimeandCycles/) correctly called for this 10/31 High.
We are approaching my next daily CIT, due on 11/6 +/-1, ideally a LOW @ 1480-95 SPX which is Key support area. We should see new All Time Highs after this Low.
Posted by Raj Time and Cycles at 11:20 AM