Monday, March 29, 2010

Bullish developments so far...

...well, the bearish potential was crushed with an opening gap that never got filled. Price has once again regained the bullish channel, and we have so far what looks like a solid bullish structure. I've left out the bear counts for now, as I think it is best to focus on the current price action and key levels before committing to any particular EW count.

Based on the bullish structure, we should see a continued move up tomorrow possibly with another gap open. Key to the bullish case is to (1) stay above 1169 and (2) not stumble at the 786 retracement at 1176/1177 as that would be considered a failed 5th wave and would provide a strong reversal.
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