Thursday, June 7, 2012

Going for 1298?

The market continue its rally early morning today and it seems like all 5 waves are in on this A or W1 leg, so now we just need to see how the bearish wave behaves. I favor the area around the 1298 level being tested before resuming another bullish leg. If the market is able to successfully test that area and bounce right back above the Trend Average then we have a good chance of seeing a rally. Obviously, whether is a counter rally or a real rally is anyone's guess at this point. And last but not least, if today's high is the neckline for a potential Inverse Head and Shoulders then we're looking at 1395 as a target.

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