One Step Forward, Two Steps Back: Market Slow Development
Ian Copsey | Oct 28, 2015 12:42AM ET
My, the market really doesn’t seem to be interested – or have I missed something? Is it Christmas already? I wouldn’t know because I’m not on the “nice” list… Well, I do think we’re getting closer to the end of this current defensive development and hopefully it will soon trigger a more energetic move. Given the time frame I have for the launch of a more substantial trend, there’s a risk that the market has almost given up for the year. 2015 will not be remembered for its profits… or perhaps it will because of the lack of solid profits.
So what for today? Potentially the same as yesterday, but hopefully we should begin to see a reversal in this week’s “trend,” but I’m not even confident that once it has reversed that we will see any uptick in acceleration. So for the third day in a row, the analysis basically remains the same. It’s developing broadly as I have expected – but just very, very slowly.
This slow development of structures has provided its fair share of problems with a noisy and crackly mini-whips and recycling so the targets tend to become a little more difficult to judge so best concern yourself with direction and anticipated reversal areas – but giving margins for errors at the same time.
Remain cautious and take profits early until the turning points arrive…
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