Instead of assuming that the market somehow knows the future and somehow managed to get information despite the Thanksgiving holiday here and the holiday in the Islamic world which is closing markets until Tuesday, let's assume with Mr.
Wyckoff that the market shows the interests of the major financial players including the government. In this case the interest was to buy in the thin market Monday so as to prevent a panic. And buy they did for 1 1/2 hours as virtually every close was near the top with heavy volume. The question is when and where are these support shares placed back on the market.
Mr.
Wyckoff wrote that one of the indications of a change in trend is that the reactions are larger than the previous reactions and that is the reason I placed the blue egg underneath said reaction. The count on the 1100.5 line is 27 for a possibly substantial move down. The minimum short term move down from the top was 6 boxes across the 1106 line and we moved down 5 substantially completing the count. The market then rallied up 2 boxes to 1094.9 and retraced 1 box to the close. If it rallies 2 boxes from here the count is for a rally of 7 boxes. Declining 2 boxes will fulfill the count at the 1106 line and possibly confirm the down trend. We are on a hinge.
For your perusal.
Instead of assuming that the market somehow knows the future and somehow managed to get information despite the Thanksgiving holiday here and the holiday in the Islamic world which is closing markets until Tuesday, let's assume with Mr. Wyckoff that the market shows the interests of the major financial players including the government. In this case the interest was to buy in the thin market Monday so as to prevent a panic. And buy they did for 1 1/2 hours as virtually every close was near the top with heavy volume. The question is when and where are these support shares placed back on the market.
Mr. Wyckoff wrote that one of the indications of a change in trend is that the reactions are larger than the previous reactions and that is the reason I placed the blue egg underneath said reaction. The count on the 1100.5 line is 27 for a possibly substantial move down. The minimum short term move down from the top was 6 boxes across the 1106 line and we moved down 5 substantially completing the count. The market then rallied up 2 boxes to 1094.9 and retraced 1 box to the close. If it rallies 2 boxes from here the count is for a rally of 7 boxes. Declining 2 boxes will fulfill the count at the 1106 line and possibly confirm the down trend. We are on a hinge.
For your perusal.
