Tuesday, May 24, 2011

More Selling to Come

The market couldn't counter rally much as expected in a W4 situation and now it seems like we will see the start of the bearish 5th wave as soon as tomorrow. In fact, we might gap down from looking at the set up. The support level might actually be a good place to go long with the test of the TA as a target. But we have to see how the market opens tomorrow, my guess is that it will probably test 1301. On the other hand, commodities are starting to recover so the market will soon have an excuse to start another rally.

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