November 13 2006
I indicated this “pattern of trend” would need an exhaustion to complete the trend. There were cycles expiring last Sunday that indicated a top possible so we could look for something indicating an exhaustion the first part of last week and that did occur. AS I explained last week,
the next date to end the trend is December 10th and if this cycle doesn’t stop the trend the index will move into that December date with the same strong momentum that is present now and would produce much higher objectives. There was an exhaustion within the “time” window but no follow through to the downside as of yet. An exhaustion needs to be confirmed immediately and today needs to be a down day or the exhaustion could be very temporary. If there is a further move down it would leave a one-day rally behind and could be the first counter trend in a trend down. Support is 18,500.
http://www.mclarenreport.com.au/yvs5...ult.asp?id=883