Today’s chart shows at a glance where the bigger-picture pivots lie. There are three bullish patterns here, each with a p midpoint and D target shown in a different color. D’s should be used to get short or to exit longs, while p’s should be used to bottom-fish. If it is the latter type of trade you are attempting, camouflage is strongly recommended. _______ UPDATE (November 7, 12:43 a.m. EST): Since I am unable to imagine an Obama rally, I’ll be paying very close attention to the way in which the ostensibly bullish set-up described above plays out. The very first credible sign of trouble would come today on a 1409.50 print, since that would generate a bearish impulse leg on the hourly chart. ________ UPDATE (10:20 a.m.): A 2.5% decine would bring the Dow down to 12913, about 35 points beneath the low created by today’s so-far 230-point fall. Since I can scarcely imagine the stock market declining a measly 2.5% to discount the actual Death of America, I’ll continue to monitor my technical indicators closely, and to trust them over my gut instincts. FYI, the E-Mini S&Ps, currently trading near 1400.00, project to 1364.75 over the very short-term. This implies a drop in the Dow of 500 points — twice the current amount.
