Thursday, January 21, 2010

Bear market resumes...

...with today's close below 1130, we now have in place all the makings of what looks like primary wave 3. While the market still needs to close the gap at 1070, that could quite easily happen next week.

Of course we'll need to see a completed impulsive minute wave 1 to really get excited, but right now it looks like it is the bear's market to give it away.

Key resistance: 1123 and then 1130
Key support: 1113 and then 1096
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