Tuesday, April 24, 2012

C wave tomorrow?

The market tested the TA today at 1376 and then it seemed to consolidate in what seems to me like a B wave. Assuming that is the case, we should see a C wave coming as soon as tomorrow to test the 1387 level, so this will likely be a deep retracement if the count I posted is correct. The trend average and the moving averages continues to favor the downside but it's not until we see a strong W3 breaking support where the picture will be come clear. Should the market start trading above the TA, I will go long to hedge.

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