Wednesday, February 2, 2011

S&P 500 ~ Intraday Update 1 ~ 2 February 2011

After yesterday's big rally the market is going nowhere today.

It looks like a fourth wave is forming, may be unfolding in a triangle:

After that I expect another push higher, potential target 1313, to complete the motive wave which started at 1275. This could complete wave [v] (as shown in the chart) or only wave (i) of [v], so place stops if you try to short. ; )