The Dow Premarket has been up as much as 100 points in a battle for market ascendancy. This must be measured against the prior highs at 17914.14 on November 20 and 17977.85 on November 3. The Triangle formation does not appear to be valid, even if the DJIA does not reach either of these levels. Should Wave [v] be complete beneath either of these levels, the DJIA will go down with the rest of the market in the next week to probable new lows.

On the other hand, should the DJIA go higher than the November 3 high, there will still be a retracement, but not likely to a new low.

SPX futures appear to have touched its hourly Cycle Top resistance in the Premarket, but now it is down to the 2070.00 area. A cash open above 2067.33 is highly cautionary. A probe above 2075.07 may turn this rally into a five-wave affair, giving it potential directionality to the upside after a retracement.

TNX may have completed its rally in an a-b-c correction. Should that be the case, TNX may be ready to plummet iin Wave [c] of 5.

Likewise, USB has also corrected Wave [a] and appears to be rallying once more.

Finally, USD/DXY appears to have complete Wave [a] of its final zigzag to the bottom and now appears to be correcting in a Wave [b]. The target may be Intermediate-term resistance at 96.01. This is a fast-moving correction, so we may see a completion in the next day or two.

This is shaping up to be a combination of moves that very few are prepared for.

Regards,

Tony

Our Investment Advisor Registration is on the Web.

We are in the process of updating our website at www.thepracticalinvestor.com to have more information on our services. Log on and click on Advisor Registration to get more details.

If you are a client or wish to become one, please make an appointment to discuss our investment strategies by calling Connie or Tony at (517) 699-1554, ext 10 or 11. Or e-mail us at tpi@thepracticalinvestor.com .

Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

Anthony M. Cherniawski Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.