Thursday, July 16, 2009

No Sellers to be found?

Looks like today gave us a 5th wave extention within the current 3rd wave. Tomorrow is opex so I wouldn't expect too much more than a range day. While I would be surprised to see the market drop below 923-927 for this wave 4, the bulls shouldn't have too much to worry about unless the gap at 905-916 gets filled. After this brief consolidation we should put in new highs. What will be interesting is to see how much of a pullback the bulls give the bears once the 5th wave is completed. Any support should be found at this wave 4, so if they give back more than that, then we may be in a situation where intermediate wave C completed in record time. We'll watch the pullback for signs of an impulse pattern.


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