Tuesday, January 18, 2011

Market Update - January 18th

The 5th wave looks completed to me at this point. It is about 1:1 with W1 after the ABC move (W4). So looking for a correction to start mañana. There might be still just a little more left but technically speaking it should be done now. I am looking for a strong sell off closing below 1280. Anything that starts hesitating around the 1280 will just means there is more fuel in the market for yet another push up. In a way, I don't know how can this go much longer. Investor sentiment is at the most positive since 2007 (before the big crash) and we are breaking records already with the most consecutive up weekly closes EVER.. so probably now that the avg Joe will finally takes the money he has been hesitant to invest in the market and finally buys in. Crash 2.0 might just occur.. I am for a correction as I've noted before but one never knows. But as long as we're with the trend, there is nothing to fear.

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