HiTech,
Current thoughts excerpted from a post to a dear friend:
"The progression of c of 4 looks pretty weak so far. I believe it started around 11:00 am today, and it made it's first wave up into todays highs, which narrowed into a wedge as wave 1's often do, then dove into a wave 2 selloff into the close. Wave 1 of c actually covered a good bit of ground, but it looks to me like they're taking too much time for this to turn into a sizeable c wave rally. Right now, I believe 1100 will contain this c wave rally, which I believe will complete by 1pm on Tuesday. But if it gets out of hand tonight in globex (to the upside), heck, it could clear 1100 I guess."
We may very well be greeted by a 3 of c rally in the morning, so don't be surprised by a nice gap up in the morning. This should be followed by some sideways to down action (wave 4 of c), then we go a little higher in a 5th wave last gasp of the last gasp rally. This little rally will conclude c of 4 , and then, I'll be looking for the 5th wave down of 1 of A to begin, which should be well worth the price of admission.
Regards,
David |
