Ratan,
A1- This C wave is down, and will roll out in a 1-down, 2-up, 3-down, 4-up, and 5-down format.
A2- I am confident wave 1 was completed today at 2:48pm (4/27) @ 1081.50 (June S&P). 2 trend ending reversal pennants formed, and the channel the market had been sliding down in was broken to the upside.
A3- Wave 2 up of C began at 2:48pm today, and 2 separate patterns target the 1100.60 to 1101.40 area. I view that area as the most likely topping point for this 2nd wave up. Predicting when it will meet that target and end is something I can't do yet because the first portion of 2 hasn't completed yet. But it seems to be moving quickly, with the A portion of 2 already nearing completion (2 & 4 are always ABC waves). I expect it (wave 2) to complete well before the day ends.
A4- The 995.30 target could also be met on wave 3 of C if it has the oomph to travel that far, but the more likely scenario would be wave 5 taking the honor. If 3 does achieve the target, then wave 4 up would result in a sharp rally, and wave 5 would be truncated (i.e. not exceed the depth of wave 3).
Good hunting, and hope your harpoons are appropiately sharpened. ;o)
David |
