MM Mid-Day Notes

Today's pattern implied "continuation."  While the calculated signal was pointing down, the question was, "Will it continue down, or will it continue meandering sideways as it was doing the last half of the day?"  Tomorrow's mood pattern reflects strong emotions, but also has a "bullish exhaustion" component so there may be an attempt at some upside.  MMI is giving the odds for the day overall to closing down.  The weekend's pattern so far is pointing to a near completion of trend.  Preliminary chart below:

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."