Thursday, September 30, 2010

Elliott Wave Update - September 30th

Whenever the market reverses hard on a gap up it's usually indicative of change of trend. But we still need confirmation to call 1157 the top of the rally so a close under 1140 would confirm a leg down. And given the fact that fund managers are now allowed to lock in profits (they are not allowed to sell until the quarter is over), the odds are in for a pullback to the 1110 area at the very least.

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