Monday, February 8, 2010

Was that the correction??

Let me just say I'm going to be a bit disappointed if that is all the bulls got. They drove price right to the front side of my wave 2 target, so I dipped my toes in the water with some options, but I fully expected (and still do) a wave B and then a retest. Well, the bulls weren't able to hold any of the key areas going into the close. Price action didn't 'feel' like a wave 3, but sometimes they just get started choppy. If we are going to get a wave C, it needs to start ASAP as price is approaching the level where the bears start piling on.

Key support: 1054.
Key resistance: 1071/1076.
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