Wednesday, March 9, 2011
Yesterday saw what appears to be the last test of the support line and an upward explosion. The momentum was so fierce that it eclipsed the momentum of what I'm labeling the 'b' wave of 'C' leg of the triangle. This will be confirmed with a close above yesterday's highs. Assuming we don't get a 5th wave extension out of the triangle, which I'm not as this rally is already over spent, I would expect the 5th wave to end in the 1354/1360 area based on the size of the triangle.
Posted by Rich at 4:46 AM