Wednesday, December 15, 2010

Quick update

Sorry, busy times....

The run down is this. We got our first full hourly bar below the 8 SMA, and we hit our first wave 5 target and tested it. I'm expecting, at a minimum, a move to the 1220 zone. If this gets bigger, and moves to 1200, then this should be the last stand for the bulls. Otherwise, we're looking at a much larger correction if not the return of the bear.
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