Monday, October 20, 2008

Possible 1-2-3 reversal developing

The market is working on a 1-2-3 reversal. If it can close above Mondays high it will complete the trend change. At that point the odds would favor that the path of least resistance has changed to up.
Todays rally in the face of short term overbought levels is another sign that the bottom for the year may be in. I'll have more in tonights update.