Cycles are a tool and should not be used to the exclusion of other tools. There is always the possibility (high probability long term) that the data will be misinterpreted or a relevant fact over looked. So use cycles to check your analysis, not as the only reason to make a decision. Interpretation is the opinion of the author and may be incorrect and should be viewed in that light.
Thursday, May 19, 2011
comments and outlook for 05-19-2011
Today was up as expected. I thought we might see a bit more upside, but still it was within expectations. We meed a couple of more days to say definitely we entered a new 22TD cycle up leg, but it appears that way at this time. The 22TD cycle is up, the 11.2TD cycle is up, the 5.6TD cycle is up. The 2.8TD cycle is down to begin the day and should bottom by mid day and turn up.
So I would expect maybe some weakness early in the day from the 2.8TD cycle and a fairly strong finish for the week. Maybe 5 points up on the S&P?