SO I do not see this as the start of that correction that we have been talking about. Now that we have gotten into November AND now that it appears that the rate hike in December is at 100%,....and the Fed absolutely wants a rate hike....I am thinking that this monster will not be allowed to make its correction until the rate hike. The Fed wants the hike and wont let the market tank. If the market tanks early then they cant raise the rates. That being said, we are very late in this daily cycle. I see this as the end of the daily cycle in the next few days. For there to be a large market correction that we have been hearing about for months, it cant be in a far far right translated cycle. So that means that we go up soon and probably make new highs and a far left translated cycle. I heard one Elliot wave
pro say he thinks it will top possible as high as 2660 with the red arrow path. We shall see how strong the bounce is up until the December 13th rate hike for that final high to be made.
That's it.. Short and sweet.
On a side note. Ugaz
will be a buy once again soon. Probably under $9.30 and the start of a very strong 3rd wave. big gains ahead for that.