Monday, January 23, 2012

More Upside

The market appeared like it was going to rally early morning but it reversed fast. However, the pattern it left still allows for a final impulse wave to 1330's. Technically, the market got somewhat close at 1322 but not close enough. So I favor more upside, hopefully in a strong gap up/impulse wave that will open an opportunity to play the downside. The market is already overbought but the ideal would be more overbought before going against the trend. The Trend Average is at 1301 so I'm technically looking for high 1330's to short if the impulse wave comes tomorrow.

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