1. The Head and Shoulders pattern of EUR/USD daily has been confirmed and this pair may be heading down to the support 1.341.
2. The SPX hourly with Ascending broadening wedge effected and SPX may be heading down to the support 1,210 of Fib38.2
3. My statistic shows that we are almost certain to see the lower low than yesterday low. With the daily price development like the last 3 days, my statistic from Jan 1975 show:
A) 6/58 =10.3% the higher low next day
B) 1/58 = 1.7% the equal low next day
C) 51/58= 88% the lower low seen next day
** All 12 counts from Jan 2009 to the Oct 31 show Lower Low:
My trading idea: Bear always can find good cover points if he wants to cover today. Bull has no need to be hurry to play the rebound.
I am a bit surprised to see the Europe markets bounce on the news Italian bond yields ease. Rumor ECB bought their bonds. May be this is just a thin air. Can a sick elephant find a remedy from a cold pill?
Indexes are just inch to yesterday low however all the bull ETFs have made higher high. It's time for many bears to book profit.