Tuesday, March 9, 2010

Another subdivision or are we going down?

Can I just state up front that charting these price moves has been so incredibly frustrating. I have now gone back and changed some degrees of trend. This is the end of the line of the bearish count. I have kept it this way strictly based on the placement of triangles and corrections within the move since the 2/25 low. The late
day sell off is either the beginning of p3 or yet another subdivision.

Key support is now:
- 60 min 34 SMA at 1132 (also very near the Globex low)
- Gap at 1127
- The very critical 1116 level, which if falls, should initiate all kinds of selling

Key resistance continues to be the 1140 area. The market was not able to close above it.
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