Monday, June 1, 2009


As I don't have much time I do an update without charts.

The market broke all the upper resistances around 930 including the SMA 200.

I labeled the high today as a wave (iii) although we might see another high early tomorrow. Afterwards the market should pullback in a wave (iv) to test the breakout level at 930. The following wave (v) should end around 950-960.

That would be the earliest point where the market can make an intermediate top. If wave [v] is extended then that was only wave (i) of [v].

Thus for now it's just wild guess.

By the way, the Dow did NOT surpass the SMA 200. Today's high was right at the SMA 200. So my 200 SMA chart from the weekend update is still correct in the Dow ; )


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