Monday, August 20, 2012

Last bullish wave before correction?

The market put in a W4 on the minute count on the chart and W5 should be in tomorrow or in pre-market. And we'll see if the market can overcome 1422, if W5=W1 we actually get 1422.. and then we should see the bearish response that will probably set the tone for trading in September. If the market is able to find support anywhere above the 50 day ma, the market is likely to continue to new highs. If not then down we go but I hope the market is making a turn for the positive as an indication that our economy will start doing better next year.

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