The last month of the year is always a good time to estimate where the market is going. Looking at the Dow, an index that has been trading in a range of 1300 points for the last 2 years. Everytime it comes to the 11000 it turns down. If it penetrates that resistance it should move to 1st fib target of around 11400 level. Could it move higher? There's another Fibonacci level at 12400. The consolidation is usually when the market gathers its strenght for the next trend. If the trend resumes, then we should expect another consolidation before the wave (4) deploys.
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