Last week I wrote: "Last week I wrote: "There may be some short term retracement, but we should expect a further move down for the creation of a wave 3.3 down. The minimum target for this is 1850.". If this is the end of the upwards pullback we should continue the longer term down move the coming week. There is some room for extending the last E2 wave just a fraction higher. This is not an impossible scenario before the down trend is resumed. I think we will know by the end of the coming week. On the other hand I do not believe in a continuation of the long term up move. I rather advice to profit from higher prices to start gradually opening short positions.".
The 4 day trading week with very small daily moves has not changed much. I have to repeat: "If this is the end of the upwards pullback we should continue the longer term down move the coming week. There is some room for extending the last E2 wave just a fraction higher. This is not an impossible scenario before the down trend is resumed. I think we will know by the end of the coming week. On the other hand I do not believe in a continuation of the long term up move. I rather advice to profit from higher prices to start gradually opening short positions.". We will start December the coming week. The last month of the year is always difficult because trading volume usually goes down and little volume has much more influence. Normally I do expect a smaller wave 3 down the coming week(s). Wait and see...
Sylvain Vervoort Stocata.Org