Wednesday, January 18, 2012

Close but not yet..

The market broke an important resistance level today and we're probably going to see more upside. Going by the wave count alone, we're on the 5th wave but an extended one so I labeled the waves at the minute level to get a better picture. This 5th wave is barely ending its W3 so that would allow the market to correct and then go into another impulse to the 1330 level perhaps? one key level to watch is 1285, this should hold if this count is correct. Too bad one can not fully juice the market sometimes but tops are always hard to pin point. However, should the market go crazy and get to 1330's in a rush (and in turn have a 40 point deviation from the Trend Average) then it will offer a good shorting opportunity as we're visiting the 200 day ma on the next bearish wave imo.

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