Thursday, August 26, 2010
Larger Trend Remains Down
So my little hunch the last post about a short term bottom forming proved correct with yesterday's bounce that pushed into this morning. But that's about it so far as the market looks challenged here. Right now the market sports a 3 wave rally off the 1039.83 low, so the correction could be complete. But if the market gets above today's high at 1061.45, then I'm looking for a charge to the 1063 - 1081 area, part of which would fill a gap left open from a prior 3rd wave.
The bottom line is that the larger trend remains down, the market is unfolding in nice 5 wave impulsive declines. And as long as 1100.14 remains intact, I'm shorting into rallies.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.