Tuesday, May 18, 2010

A correction or a change of trend?

These are the key levels to look out for (I posted them yesterday but they still apply):

1110 Short below it or use it as a stop for portion A -34 EMA Weekly
1147 Long above it for portion A -13 EMA Weekly
Trend is still up on the weekly 13/34

1174 Long above it on portion B -50 day MA
1101 Short below it or use as secondary stop for long position -200 MA
Trend is still up on the MA

On the Elliot Wave count, I favor a new low as the B of a flat or an expanded zig zag. Therefore, I expect the market to find support to test the 13 EMA and then 50 day MA again.

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