Monday, April 23, 2012

Close under TA

The market tested the 1358 level again today and it held well. However, it doesn't mean it will hold on the next wave down. I can't tell if the bounce was a W4 with another bearish 5th to come or the entire 5 waves are complete and now working on a Fib retracement. So we'll have to see if the rebound is able to overcome the trend average at 1377 and obviously the 50 day MA. Currently the TA continues to trade under the 50 day so odds continue to point to lower prices unless the market can over come these levels.

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