Monday, January 9, 2012

5th Wave

The market continued the correction today but at least we now have a clear pattern of where it wants to go. Today's market movement charted an Ascending Triangle and it goes well with the need for a 5th wave to finish up this intermediate C or W3. So I am assuming we will see a rally as soon as tomorrow to finally get to the 1292+ area. I just hope the rally doesn't just happen after hours as I'd like to start locking in some profit. The Trend Average is currently at 1270 so unless the market rallies from here, the short term trend can turn south at any moment.

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