Thursday, September 30, 2010
Looking for a Top
We got a nice shot higher and reversal today which is what we'd like to see at a top. It also fits nicely with the wave count I've been tracking the past few days and the decline from today's high looks impulsive. I'm counting it as a Submicro wave (1) down on the Dow 5min chart above. The count suggests perhaps a little more upside today before topping out below today's highs and rolling over sharply in Submicro wave (3) down. If today's highs are broken it simply means it will continue trying to get into my S&P reversal range of 1173-1181.
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.