The ‘mechanical’ trade that triggered last week at the green line remains in play, as does the 12,804 rally target. I have not continued to track the trade because as far as I could tell, no subscribers took a position over the weekend. The stop-loss is at 10,655, just beneath the pattern’s point ‘C’ low, and the minimum profit target is p=11,730. Price action was pretty wild on Thursday and Friday, suggesting investors are stressed to the limit about the outcome of Tuesday’s vote. Although they can’t take the day off, we can. Stocks could gyrate even more violently than they did last week — or vibrate nervously like an electrical arc. Either way, I’d suggesting spectating from the sidelines. _______ UPDATE (Nov 4, 10:06 p.m. ET): The futures were on track for a follow-up thrust to the 12,136 target shown in this chart, but I wouldn’t suggest trying to get short there unless you’ve made a few bucks on the way up. An rABC ticket is the suggested tactic. _______ UPDATE (Nov 5, 8:53 p.m.): A two-day melt-up to 12,119 came within a tenth of a percentage point of the 12,136 target given above. That could be it for a while, but we’ll let price action speak for itself. A close on Friday above 12,136 would look bullish enough to warrant taking home a small short position. It’s been so long since bears enjoyed a Sunday night massacre that maybe it’s time.
NQZ20 – Dec E-Mini Nasdaq (Last:12,038)