Wednesday, November 30, 2011

S&P 500 ~ EOD Update ~ 30 November 2011

The SPX closed almost unchanged for November. Who would have thought that three days ago?

After rallying 88 handles within three days (!) we might get some kind of a consolidation early December (probably after one new high as shown in the chart). As we saw in October these consolidations can be mostly sideways so be careful if you're short (which I hope you aren't ; ) (or at least not since yesterday ; ))).

Below you can see my medium-term count. It looks like we completed wave B last Friday and are now in wave C. Possible targets are the October high at around 1293 or even the yearly high at 1370ish: