Friday, March 11, 2011
The Dow 30 is coming into a major area of support. Both a trend line and a 4th wave of one lesser degree (not labeled) should stop this market. The blue parallel trend lines define the major trend which began back in August. If the trade goes under 11,750 all then we will have to consider this trend over and try to define the down trend.
Right now we just don't know but what happens next week will let us know the direction of the market at least for the next couple of months.