Have we seen a near term top? Could well be, the ES hit right in the middle of the target area and promptly sold off. We're bouncing at the moment, if the ES can't mount a rally past this morning's high then things could get nasty.
Thursday, January 26, 2012
Thursday, 1/26/12 update
Have we seen a near term top? Could well be, the ES hit right in the middle of the target area and promptly sold off. We're bouncing at the moment, if the ES can't mount a rally past this morning's high then things could get nasty.
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Thanks Al.... are you expecting this bull move to continue after some retracement? It's hard to fight the fed, huh?
ReplyDeleteShort answer: yes. I believe we're in a 5 wave impulse off the low of 1147.50 on Nov 25, we just completed Wave 3 of that move and are in Wave 4 with a 5th wave to come to complete the series http://screencast.com/t/0lCMNwkK1OU. Wave 2 was a triple zig zag, so Wave 4 should alternate with a flat or triangle over the next 3 - 5 days. Initial target for the whole thing is at last May's high of 1368.75.
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