Opening Report – 7 February 2014

In Wednesday’s clip (daily subscribers report signup here) I said it looked like we would see new lows but maybe not much lower. In the event this is what we saw, each market had its own variation on that theme, and we should be used to this! The chart below of the S&P shows the clearest pattern and you can see we can count this as a complete “five” – if so the current rally should prove corrective.

BUT on other markets the decline looks more like an A-B-C.

In terms of time we have seen almost 3 weeks down, so a full week up (maybe two) is on the cards which may take us into the February expiry.

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