Purple haze, all in my brain
Lately things they don't seem the same
Actin' funny, but I don't know why
Excuse me while I kiss the sky
Jimi Hendrix, Purple Haze, 1970
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The market continues gently pushing higher through Thanksgiving week – very much in keeping with the previous advances with a gap up above a declining consolidation phase.
The Large(r) T structure points to some kind of short-term peak here (perhaps some profit-taking), but with more to come and so does the new red structure, and so we should expect some choppiness as we move into the next phase of pulse highs and an echo high.
Whether we see a pullback here, or not remains to be seen. We should be prepared for some kind of profit-taking after the recent exuberance, perhaps even a re-test of the break out. But the structures also allow for a continuation directly into December – followed by a mid December peak, a pause and then a rally into New Year.
The strong oscillators and especially the recent move in the T volume oscillator support a general move higher.
Be prepared for whatever is coming next, and trade with confidence:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.