Thursday, February 24, 2011

1316+ Target

The market seems to be working its way to the Fib retracement area from the bearish impulse wave from 1343. And I would label today's move as an Expanded Flat with the market currently in the C wave. So I am expecting this wave to reach 1316 before resuming another bearish wave. The short term trend is clearly bearish now and until it is reversed, the next target is the 1280 support level.

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