I have learned long ago that these things can turn when you least expect it. I will only wait for if/when it happens (close above the 20 week ma). This correction is 8 months old and is the lengthiest of the corrections thus far. Personally I would prefer a move lower to where the weekly RSI is in oversold territory at 20 or lower so I could feel comfortable that we were at or near the low from an oversold perspective. As it stands now we are in neutral (40) on the weekly RSI so it is more wait, wait, wait.
But if you look at the bottom in October, 2008 after a 5 month correction there was nothing to indicate that the .005 support from February, 2008 was going to hold ....very similar to now as we do not know if the .036 area support from June, 2009 will hold. Certainly the weekly RSI was at 36 at the bottom (10/08) and we are at 40. Slow Stochastics weekly were below 20 and are now below 20. So there are some similarities.
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