Today's low and yesterday's high will define the approximate top and bottom of the chop range that I see till November 3. Yesterday's high was around 1082, and today's low is yet to be determined. This chop will be very tradeable for the next 2 weeks, so that will be how will approach it.
After the chop is over, I expect us to break down to the downside, although I don't think it will be a new downtrend. It should just be a pull back, but a big one that will scare people. We could go down to around 1100-1110 on that pullback. But that is just something I am guessing way out there in the future. For right now, we should take advantage of this chop to pick up a few dimes before the bulldozer rolls in.
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1 comment:
not sure about that. Large moves precede large moves.
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