Friday, September 07, 2007

 

The next leg down

The chart is pretty self explanatory. I might be wrong about the B wave ending now but if I am it should not move too much higher, unless my count is wrong.

The significance is that we should move to test the 12,513 low, at minimum. This is wave C which means it should be pretty quick and fairly easy to count as C waves are usually 5 wave patterns.

After the market starts to fall I will try and stay on top of things so that you will know resistance levels above the market which will signal that the current downtrend is over. Right now only trading above 14,000 would be a clear sign the bull is alive and well.

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