Tuesday, October 13, 2009
Intel Reaction Warrants Bullish Wave Count; October 13, 2009
With the reaction to Intel's earnings really really good, we need to expect a large surge in the stock market tomorrow morning. It fits well into the Nasdaq 100 cash wave count as you can see on the above 15min chart. The rally tomorrow may complete the entire rally of the big wave B or 2, or it's just a wave 1 and will continue with waves 3 and 5 to higher levels. If it's the last 5 wave rally of wave 2 or B then it should take the S&P to the 1100-1120 target easily before finding resistance. If it's just a wave one of a larger 5 wave move, then it will open the door to the 1200 S&P level. With all said and done, the market continues to be very bullish in the short term.