Sunday, March 27, 2011

Okay - I'm Awake!

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.
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