Wednesday, December 1, 2010

Bulls need to keep pushing...

...if they want this move to stick. Any drop below the 34 SMA at this point will likely keep minute wave 4 in play: either a triangle or complex zigzag. If, however, the bulls can keep the pressure on until we get to the 1220 zone, then we will have a confirmed minute wave 5. Targets for this wave are:

1. 1247
2. 1265
3. 1290

Be aware that if we reach any of those targets on this first impulsive wave, then we may have a fully complete 5 minute waves and will be ready for either another minor wave correction or the return of the bear.
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