Tuesday, August 14, 2012


So yesterday I posted about a very likely breakout for the markets and today we got somewhat of an attempt. A higher high was put in but there was lack of impulse so this left the market in pretty much the same range as in the last 4 sessions. I see a W1-2 count with 1410 as W1 and if this count is correct then we gap up or start a strong rally tomorrow. If the market can not overcome the higher high put in today then the market is going for the trend average at 1397, which could be a good spot to take some profits/hedge for at least a proper Fib correction. The market needs some sort of excuse to either rally or sell off at this point as both sellers and buyers are holding off. However, the ideal scenario would be a rally to complete the minute wave count and then call it a top.. we'll find out tomorrow hopefully.

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