FOR FRIDAY: (11/17) Last few days have been difficult, as we have had a number of larger 4th waves that seemed like trend changes but then they are recovering to keep the trend intact. New highs on NQ remind us that it’s too early to write the stock market’s obituary. All we had is a complex 4th wave into Wednesday’s low and the trade did what they did best—buy the dips! Action should continue overnight and on Friday but Sunday and Monday look lower. We’re sensing that the wild moves in gold and the dollar and t-notes the last few days weren’t game changers but just parts of complex congestion patterns. Still, we have to be patient before tipping our foot back in the water and are waiting for more clues. We’re getting close to Thanksgiving next week and thin volume and we need to see some definitive patterns by Monday; otherwise, we may end up with holiday congestive messes.
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