Tuesday, June 8, 2010

Wave 5 target hit...

...with the market pretty much splitting my target of 1037-1045 with the low coming in at 1042. We have completed 'a' of 2 and 'b' of 2 and are now working on the final leg of minuette wave 2. This wave should top tomorrow with a price target of 1064-1072. There is an upside target in the mid 1080s, but the bulls have yet to hit one upside target and the surprises seem to be on the downside.

I will be looking to add to my short position in the 1070 area and again when we get a confirmed reversal (60 min reversal of the previous bar + 3 pts once we are in the target zone).
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