The market had one more bearish wave left in it and it seems like this wave structure bottomed today at 2095. Other than that, there's not much to add as my expectations are the same as yesterday. Perhaps the Greeks will give in to EU demands over the weekend and create the catalyst for the expected rally. Technically speaking, Greeks are sort of screwed either way. If they don't do what the EU wants, then they will have no option but cut back on spending since they won't have enough money to fund all the things they want and people will be paid in Dracmas instead of Euros (guaranteed devaluation). At the same time, if they agree to EU terms (which is to cut back spending), they will be getting more money so they can keep paying loans. Good times have a price and now is time to pay unfortunately.
The other news that concerns me more tis the plunge in China shares. Unfortunately, I didn't get the H&S I was hoping for and instead I am seeing a potential 1 wave correction or worst yet a zig zag to test its 200 DMA. Whichever the case, its hard to see your account go down substantially in 1 day but considering this was all expected, it's technically not that big of a deal. I just hope I can get to my retirement goal by the end of this year. As it is, the SSEC is a year ahead of my break out projections.
Have a great weekend!
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish
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