Get Ready for a Major Stock Market Pivot Reversal
Stock Markets 2013Nov 11, 2013 – 04:12 PM GMT
The Pre-Market is losing what little gain that it had over the weekend. All of the analysts that I have reviewed this morning are looking for (at least) one more push higher. Despite all that, Elliott Wave analysis suggests the surge is over.
Admittedly, the decline so far is unimpressive. One of the results of the shallow decline is that it allowed the support levels to move higher, making it easier to break them. For example, the 50-day moving average is at 1709.70, less than 4% from the closing price on SPX.
One of the things that you will notice is that the Cycles are getting shorter. The SPX is now on a 43-day cycle, which gives us a potential (crash) low on November 21. That is only a 10-day stretch from the average 258-day Master Cycle. Most Cycles analysts only recognize the Trading Cycle, which is an average of 60 days. The 43-day cycle is a derivative of the Primary Cycle, which is much stronger than a Trading Cycle. You can see that from the strength of the last rally. Now we should be witnessing a very strong decline of greater magnitude.
Today is a major pivot day, so we should see a considerable change in trend in the next couple of days.
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