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Market Update 11-14-08

Here's my market view. Please fee free to comment.

Yesterday rally was the much awaited rebound after few days of decline. That rally was an 'expected' price reaction to the low that was made on the daily chart 13 candles ago.

The 'M' formation (or triple bottom), on the daily chart is now complete. I now expect a price moving higher in the next 3 weeks or so before the long term down trend resumes.
My key resistance levels (approx only):
1075 (I expect the longterm downtrend will resume from here).

I wouldnt disagree at all with that assesment LEO. but because of thurs. closing ticks over 1000 i just think were going to have a good retracement first . Since im of the opinion that the 45 day cycle probably just botommed, i would expect more than just the usual one day bear market snapback.
Yes Kool, a rally with a closing TICK of +1000 more likely to retrace, especially its the last day going to the weekend.