The market not only got to one of the levels I was hoping to see (1310) but it managed to get close to the 1297 level I first posted a few months ago. And now that we are so close, I am betting we will start to see a rally in the next couple of sessions. I originally leaned towards a 5 wave move to 1292-1297 with this wave being just W1 but in itself this wave already is a 5 wave structure and it looks pretty good as a C wave on the daily. So I am thinking the next rally is not going to be just a counter rally but the beginning of the W5 Minor with 1510 as the target. Where this wave will bottom is still up in the air but I'd say the 200 day ma is solid support along with the 61.8% retracement at 1285. But whatever it is, we are pretty close and the trade is on the long side IMO. I initiated longs today and will re-evaluate the position when we finally get back to the TA. Tomorrow might be the start of the rally since we got the Facebook IPO.. which reminds me a lot of Yahoo and AOL back in the days (especially since I see FB as a nicer version of myspace).
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