As you know, Steve and I have been paying the trend for months
and months, however we are getting to our targeted wave structure
areas, so we are more cautious up here 1290 - 1300. Even
under the most bullish of wave structure, we should soon be
completing wave 1, the 5 wave move up from July was part of a wave
1, but you would get a wave 2 pullback to retrace 38% of the wave
1.
I too believe that we will eventually go back to test
the 1500 level, but do I think we are going strait to 1500 without
a pullback, nope.
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As you know, Steve and
It's nice to see this new high on the market, ...
Posted by matt on 14th of Jan 2011 at 01:38 pm
As you know, Steve and I have been paying the trend for months and months, however we are getting to our targeted wave structure areas, so we are more cautious up here 1290 - 1300. Even under the most bullish of wave structure, we should soon be completing wave 1, the 5 wave move up from July was part of a wave 1, but you would get a wave 2 pullback to retrace 38% of the wave 1.
I too believe that we will eventually go back to test the 1500 level, but do I think we are going strait to 1500 without a pullback, nope.