Quick Update 11/19/2011

As we discussed couple days ago, we are at the bifurcation. It could be a wedge which usually is a continuous pattern or a channel which is stronger and pointing down. The wedge is surely broken.

You gonna love Fibonacci numbers. We stopped right at the 38.2% of this rally, or in my words, bear market correction. Now bulls' only hope is the channel to hold, which is also coincident with 50% retracement at around 1185. I think we will arrive there next Tuesday, 11/22/11 (+/- error term).