Thursday, December 22, 2011

200 Day MA

I mentioned yesterday that the market was going for the 200 day MA and we got somewhat close at 1255. I am still not sure if the wave labeling is correct but I am inclined to favor a W2 correction now before seeing a big rally breaking the 200 day MA. It we get a big gap up tomorrow, then I'll revert to labeling the current wave as W3, but for now I am assuming W1 has ended or about to end.

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