Looks like there has been enough good sense among long equity interests to hedge their positions over these final days of a month largely spent dressing up portfolios...
So, any selling during the opening days of 2011 might be short-lived.
Thus, too, does a rising wedge off late-June bottom find technical support raising the probability that, the market's slight, further advance completing this special Elliott wave form could occur sometime in January...
Even were a rising wedge forming off late-June bottom, though, its end might prove more time consuming than the above view suggests. Clearly, capacity to hold deer in the headlights has been running like a well-oiled machine, so levitation's further prolonging seems a reasonable probability.
Another reasonable possibility, too, is that, presently forming is the fourth wave of five waves up from late-June bottom. This fourth wave might form over some weeks ahead ... possibly developing an upward bias, as well. By this view the market's ultimate top could be delayed until, say, March or April.
Yet this outlook finds little technical evidence supporting it. Rather, the preponderance of evidence suggests the end of the market's advance off late-June bottom is near.
Thus, the above Elliott wave possibility finding a rising wedge forming remains a credible prospect, as the current [topping/diverging/weakening] position of those various technical measures regularly presented here conclusively suggest.
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