Posted Nov 3, 2014 by Martin Armstrong
The Dow Jones Industrials managed to exceed the September high intraday and produce the highest weekly closing, but it did not close ABOVE the September high ruling out a Sling-Shot Move right now. Nevertheless, we still see this week as the target and the key days are today and Friday with a mid week minor target on Wednesday.
Volatility also seems to rise with the election and we may see a real Republican win thanks to Obama. But the stronger the win the more likely Boehner will be reelected in January and he will keep things just as they are.
The price action at this time tends to warn that while we may have a temp high form, (see resistance provided) the overall tone of the market may be that we simply breakout to the upside going into 2015.75. This does not yet rule out any extension into 2017. We will be providing a detailed report on World Share Markets soon. Still, it appears that we will have a turning point this week so do not expect a run-away market to the upside just yet.