This pattern can be drug out to past Thanksgiving. I would expect that to happen as the entire rest of this pattern needs to take as long as possible to make it past Christmas before a major decline begins.
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Key Levels
Upside -- 1265, 1271, 1290
Downside -- 1253, 1239, 1227, 1204
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SPX Daily;
There we are. Nothing really new to add from yesterday. As I mentioned, volitility would seem to drop going forward until we exit this flag. Its just a small calm before a large storm.
There is heavy resistance up to about 1290 when/if we do break up out of this flag. It will be interesting to see if we can go as high as teh 1310-1340 zone with the large Wave 3 down waiting in the wind.
Keep watching oil folks. Its trending up even with a market just bouncing around and in the winter on top of that.. looking for 5$ gas by next May unless we have the S&P at 600.
GL
CJ
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