Thursday, May 14, 2009

break and retest

It is quite difficult to label the waves since the top at 930 but I see two possible counts:

bearish count (favourite)
Today's action can be counted as a wave ii of (iii). If we are in wave (iii) down we should drop hard tomorrow or on Monday (~50 points).

bullish count
We finished wave 4 of (C) yesterday @ 880 and started wave 5 of (C) today. A possible target for wave 5 is the declining SMA200 (currently at 947).

This count is valid as long as 8190/876 holds.

Nice breaks and retests the last few days : ) let's break the last uptrend line:


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