According to my risk summation system, the days this coming week with the highest risk of a turn in or acceleration of the current trend in the DJIA are Tuesday November 15th and Friday the 18th. Neither signal is all that strong, so it will be interesting to see if they amount to much.
Last week I said the three risk windows might mean an "M" or "W" shaped week and sure enough it was an "M", albeit a bit of a warped upsloping one. I was also right in speculating that CPI Thursday should be considered a risk window even though the system didn't identify it. That was one humdinger of a rally.
This week Stan Harley noted that the 18-day cycle which I purloined from him will top on Wednesday the 23rd instead of the following Monday the 28th that I showed in my post last week. Given it's Stan's discovery, I have to give him the benefit of the doubt when it comes to the cycle's resolution, but for the time being I'm going to keep an eye on both days until it's obvious he's right.
The rally kept my E-wave count shown below alive, so the break down alternate that I showed in last week's risk window post goes back in its box for the time being. Currently in the count the "a" wave of a three part "B" wave higher is developing.
This "B" wave could reach as far as new highs in the DJIA depending on how the public's infatuation with the lower inflation numbers, or inflatuation, develops. This self-delusion should keep the champagne flowing until the awful reality sets in that the funny money bred inflation beast has not yet been vanquished, and it becomes apparent that Powell has tapered, pivoted, paused or whatever the heck he's doing, too soon.
For a wildly more optimistic E-Wave view take a look at Glenn Neely's most recent Youtube post which projects much higher stock prices - Glenn Neely: Critical Juncture for S&P and GOLD (Recorded Sept. 30, 2022) - YouTube . Given Glenn's vastly greater E-Wave knowledge and experience and given the general rule that the Good Lord looks after drunks, fools and the United States of America no matter what stupid things they do, there is every chance that his optimism is warranted. If inflation has been tamed by the recent Fed action and the October "A" wave low holds into mid-2023, I too, pessimist that I am, will put on rose colored glasses and embrace the bliss.