For the Short-Term Trader

Now that the market is at a new rally high, the pattern suggests that the time frame for the next tradable daily swing high will be between Tuesday and Friday next week.  I personally would suggest waiting for some further bearish divergence to form on the 30 min or hourly charts within this still young move up since Thursday afternoon.

The pattern also suggests a possible MAJOR pattern completion about to occur and would imply immense downside.  This is the type of move that can make the whole year's trading worthwhile.  I will go over specifics in an upcoming video, but any close below 131.28 on SPY would suggest to me that the upward pattern since Oct 2011 is complete, and we should see a sharp move back below the Oct 2011 low probably in less than 4 weeks time.

I am not planning on waiting for that level to break to initiate a trade, but for investment or longer term speculation, that is a sensible option.