Friday, December 17, 2010

Market Update - December 17th

Market action points to a wave 4 with the possibility of a rally coming as soon as Monday or Tuesday to finish up the impulse waves from 1174. The market has respected the Descending Triangle Triangle Trendlines I drew several days ago and now it looks almost identical as the image below. Also, note the inverse Head and Shoulders formation targeting the 1255 area. I am assuming higher highs early next week and will use the opportunity to re-short the position I covered at 1230. I guess the 1250 target will be met after all.

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