Wednesday, May 23, 2012

W3 or C?

The market finished putting the W2 or B wave today and how the next wave turns out should give us a clue as to what to expect the remainder of the month. If this is a 5 wave move, we should see 1364 at the low end but if we get a decent 1.618 wave we might see the 50 day MA tested before a meaningful correction. But first we need to see if the market can re-take the trend average and rally 30-40 points from it on the W3 first. Perhaps the "good" news from Europe will continue to propel the markets tomorrow.

No comments:

Post a Comment