Wednesday, June 13, 2012

More of the same

The last few days have been somewhat on the "boring" side as the market is stuck in a range. At the same time, this could well be marking a complex bottom with the right shoulder of the IHS being formed. And from that perspective it makes sense if the market takes its time forming the right shoulder that resembles its left side, symmetrically speaking it would look very good. With that said, a bearish Head and Shoulders was formed today that targets the 1275-1280 area. So we'll see if the market can break that 1292-1298 area first, whatever the case this looks and feels more like an intermediate B wave or a W2 so far.

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