Tuesday, July 10, 2012

Stalled Rally

The market seemed like it was going to rally at the open but it reversed quickly so the correction continues. The lower low (which tested the 50 day ma) on this wave almost went into Wave 1 territory but it did not, so the count remains valid. However, if the market does not start the 5th wave pronto then it risks rolling over to the downside. The market closed under the TA but trend reversal is not confirmed. Also, the lower channel from the 1266 wave remains clear so we'll see if it continues to hold.

No comments:

Post a Comment