This is an update to the chart posted 4/4/10 http://markettime-patterns.blogspot.com/2010/04/possible-change-in-trend-for-stocks.html. My best guess, until proven otherwise, is that the E-mini intra-day chart (and several other indexes) is tracing out a terminal wedge. Wedges have 5 waves, so it appears to need one more wave up. See comments annotated on the chart. A break below 1170 would invalidate this count. Whatever the correct count is, the current sentiment seems ripe for a significant top. Also, we are currently in the time window for a potential turn in the markets per the charts posted 4/4/10.
Kim Rice 4/7/10
No comments:
Post a Comment