Monday, May 17, 2010

Minuette Wave 2....

Minuette Wave 1 finished less than 2 pts from my target of 1113 at today's lows. We have now started a corrective wave 2 that should take us to the gap created during our 3rd of 3rd in the 1151-1157 area. The .786 retracement is right over that at 1161, and that is what I see as the maximum retracement for this scenario. I would expect a wave 2 top coming in Wednesday, so we'll see what the market has in store.

Best of luck!
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