Apologies for our absence in recent days but we have been without internet despite our move to new premises being scheduled well in advance. We now have a temporary fix, which should mean that we don't miss reporting any more signals. We missed one, which was a crucial bottom extension in the Dax on the 28th October, that foretold the end of the drop in stocks within 48 hours. Here are the monthly, weekly and daily versions, for comparison purposes. The third chart shows the daily-scale bottom signal that we were unable to show you in time:
The situation is still that of a trading range in the near-term, despite all this pumping up and down. The next direction looks to be downward as these next charts show, one of the Eurostoxx, one of the Dow. BE CAREFUL as these are both intra-day snapshots and so the situation could change by closing time today. At the moment, because of these two daily-scale top extension signals it looks as though US stocks are likely to fail from their high, as we said was probable in phone calls to premium subscribers earlier today. Try selling right now.
More soon, as we catch up.
All signals courtesy of software supplied by our friends at Parallax Financial Research www.pfr.com