Happy Thanksgiving all
Today (Thursday) is holiday and markets closed. On Friday remember we have only a light half trading day.
With that said I dont expect markets to get any big moves to the upside, nor the downside on Friday, so lets take a look at the markets.
I got long BWEN and CNXT Wednesday morning and already in profits, but both are about to breakout and small caps usually go up on light trading volume trading days.
I must admit that the daily chart is about to give me another buy signal (but I just dont really believe after a thanksgiving week (which has been bullish) ) that the markets will move to new highs.
This is currently my plan and what I am expecting.
With the 30min chart and 60 min chart already overextended and overbought I most likely expect a "gap up" and then hold around there before moving slowly down over the day on Friday. The area in SPX is around 1200-1207 (Where I am going to short markets) cause we should at least get a pullback on monday. How long the pullback will be should be near a pivot support 1187-1191 area before last move up to 1215 area where we have a potential head and shoulders pattern with right shoulder in.(Sloping).
So I believe we will make a "lower high" than last 1227 and then begin our big wave 3 down. But time will tell and lets try look at it everyday and see whats happening. Enjoy !
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