Wednesday, June 30, 2010

Potential 5 wave completion straight ahead...

...well another rally faded to new lows today, and it looks like we may be at the end of our wave 1. Key support begins at 1008, and I would look for a wave 1 low somewhere between there and 1000. I really don't think the market will get to 980 since it appears that our wave 4 was put in higher on the price charts than I thought it would.

Anyway, here are some charts. Wave 2 should break the hourly 34 SMA (currently at 1063 and falling about 1.5 pts an hour) to confirm that wave 2 has begun.
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