Weekend Market Analysis

As far as the near term once again it still looks like a possible "WXY" Double Zig Zag pattern from the early October low of 1075. "W" rallied up to 1293 while "X" dropped back to 1158. Meanwhile we currently would be in "Y" which should have an "abc" look to it as "b" of Y may have completed at the 1232 level on Thursday. The target for "c" of Y still looks to be in the 1320's which would coincide with the trend line connecting the April and July highs (black line).