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Friday, December 03, 2010 7:28:15 PM
I have revisited the weekly and monthly numbers. Here is my take...
"I think we just finished wave4 and onto wave5 which has a first target of 558. The market according to daily will probably retrace by Tuesday or Wednesday"
"There is unfinished business to the down side according to the weekly chart" (foolish me should have closed out my puts at 529-530 Nov 30 where the weekly long term support is and first target of wave4, no wonder it bounced off multiple times).
"The monthly data says long term resistance at 556ish"
Therefore, if by midweek next week the market cannot pierce through 556-558 area short and that will be the end of wave5.
Else it is very bullish.
2bit
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