Sunday, March 27, 2011
Okay already, I'm back to make an EW count. First off let me say that the bulls are really sticking it to the bears and the last week has been a perfect example. They have driven through resistance lines without even flinching. What value in the future they see, I have no idea, but there are enough of them that they are overwhelming all the sellers.
So, here are my counts:
#1 - We just completed an A-B-C-X and have an A-B-C to go.
#2 - We just completed an A-B-C and are going to take out new highs.
#3 - The market is very very wicked taking in all the buyers in an incredible wave 2 that fails tomorrow and continues to impulse down for weeks to come. I know, not likely, but someone has to put it on the table.
The market has already broken a weak channel resistance line and looks like it may be vulnerable at the 786 retracement zone. A gap down tomorrow is shortable.
Posted by Rich at 10:33 PM