Monday, June 28, 2010

Tomorrow should be the high...

Today's price action appears to be consistent with a B wave triangle, which means tomorrow should be wave C of 2. My target for the high was modified slightly based on the triangle pattern, but it is still sitting in the same spot.

An open below today's end of day low would mean that we are in something more bearish, and I would expect follow through to the downside on any gap down. I wouldn't be surprised to see a gap up though, a failure to close the gap (wave 2 of C), and then a push to the wave 2 target throughout the remainder of the day.

Best of luck!
blog comments powered by Disqus