Wednesday, December 1, 2010

Market Update - November 30th - Triple Bottom or Descending Triangle?

The market tested the low yet again but the market will break out of this range very soon. Basically, this could turn out to be a Triple Bottom or a Descending Triangle. I am personally leaning towards the Triple Bottom scenario and trading as such. My stop is simple, I will get out of longs if 1172 is breached. At this point there should be a 5th wave left in the rally from 1040 that should take us to 1250 but first 1190. We'll soon have the answer.

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