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 ( 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.

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