Monday, March 1, 2010

The market appears exhausted...

Well, at least some things got cleared up today. The minuette wave 1 LD got thrown out the window with today's bullish price action. However, while the sellers weren't there the buyers didn't have their normal excitement about them as no sustainable move was made today.

Looking over the 5 min chart, it appears we are at the end (or very near) the end of a 5 wave move. What comes next is paramount to the bear case. Will it be another zigzag sell off or will the bears regain control and take out the February lows. Once we get a couple of 15 min bars below 1111 that should trigger the selling. At this rate I doubt we make it to the 786 retracement before the selling kicks in.
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