Thursday, August 26, 2010

A solid backtest...

I mentioned in my post last night about the importance of the 1060 level. The market respected that level and had a nice reversal back (so far) to the 786 retracement of the move off of 1040. Wave 2s are notorious backtesting waves, so I decided the chart made most sense going with a subdivision wave 1 and 2. Tomorrow would mark a 3rd of 3rd of 3rd, so it should be pretty easy to spot if this count is correct: a 30-40 pt move to the downside. Any move above 1060 should be considered bullish.
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