Monday, September 6, 2010

Still bullish for now...

Wow, last week had an incredible bid under the market the whole week. We're now overbought and at a key trendline with a wave pattern that appears complete at one level. Based on the size of our subminuette wave 2, I'm looking for a 20-25 pt wave 4 correction (quite possibly a triangle). If the bulls give back much more than that, then we have a nice exhaustive wave C, and the bears will take over fiercely next week.
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