Below 1000

This is very significant development here. The structure is fully in contact and I guess maybe 1040 is all she had on the upside.

1000

Do we stay above S&P 1000, 20 MINUTES TO GO!

1006

1006 didn't hold! We sliced through that and 1000, no I am looking and I can say the structure is still correct with the 1040 peak. I am so upset i missed it as I was expecting 1045, rrrrrrg Oh well.

Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level

Dive

Pretty hard drive here. I have no clue if we had hit an short term high at the 1040, 4 points short of my target area) or this is a pullback to attack it once again. The momentum is definitely down here in the mid day but we have been seeing buy into the close of the last days, so lets us watch the close.

Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do

OIL-

What else can I say oil made it to its daily target of $75 given weeks ago and now it looks like it is dead. Nothing like technical analysis and it is proven here in Oil. I am surprised I missed the target on the S&P BY 4 points, I never been that far off before or maybe we will get one last push up, I definitely have to watch the action and see.

Thoughts on Market

We have been in a tight range for the last few weeks but I think we are definite in a position of forming an important top. Have we already hit the top I dont know but all of analysis is showing me we are in a toppy area. Sentiment have been extreemly bullish and we are know what that means!
Lets see what they want to do especially into the holidays but I think there is great risk reward going short here. If we have already made a high I only missed it by 4 points on the ES.

Wheat Update

The wheat market continues with its dowtrend. It appears that it traced out a corrective flat this week and is ready to resume selling.

I am not sure exactly what finished at the 486 L. I have had an intermediate (1) of (5) label, but it very well could be wave (3). My guess is that the pivot low is most likely wave (3).

Regardless, this downside structure is nearing completion if my interpretation is correct. I have introduced a new alternative count, which is a much more bearish count.

It has wheat in primary [3] currently. This count would portend much lower price. This view, I believe, is a lower probability outcome.

The first order of business is for price action to take out the 486 level. This would confirm that the corrective is indeed finished.

IF we have completed a 1 and 2 off the corrective 517.25 H, then we have minor degree targets at 475.25 (161.8% projection) and 453.25 (261.8% projection) respectively.

Primary targets include the 61.8% projection of [1] - [3] at 465.75, which is our minimum objective. [5] = [1] - [3] at 391.50.