The market is in a counter-trend wave 2 up here to probably 1071-1085 areas, a move over 1090 is very bullish but unlikely. So far the market has corrected a Fibonacci 38% of the 13 month rally top in April 2010, from the March 2009 lows. This is an A B C pattern, likely made up of a 3-3-5 pattern within. We are constructing the final 5 waves of the final C wave of this correction. This is wave 2 up, and should be followed by at minimum a re-test of the 1011 SP 500 area, and probably 940-950.

View the Video to find out what I think is next and how to trade it:

This entry was posted on Thursday, July 8th, 2010 at 9:12 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.