Today the market just extended the sideways correction from yesterday and I think we should see a break out to the upside tomorrow. There is obviously the possibility of a "failed W5" but so far it seems like the market will be targeting the 1312-1315 area. I am waiting for a this W5 to appear to take positions and it will be interesting to see if the larger correction bearish wave resumes then. Oil is getting expensive again and most likely we will see a new high for the year. Also, I see there is talk of a recession in 2013 so sentiment does seem to support the bearish trend.
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