Tuesday, January 26, 2010

Getting closer to a wave 1 bottom

Well, today touched a new low at the open, and then price worked its way up for another wave 4 correction (another 13 pts). That should us put us in wave 5 of minuette wave 3 for tomorrow. I'm still looking for at least a 1080 target in the cash index. Another move lower (minuette wave 3), bounce higher (minuette wave 4) and test of the lows (minuette 5) should complete our first minute wave 1 with divergences showing up on the hourly chart.
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