Wednesday, 11 January 2012

MIB at critical impulsive move or end of correction?

Impulsive wave 1 ended near 14400 and now at a three wave rise at 50% retracement. If this is a correction, the market will break 14700 (intermediate low) and then 14400. Above 15400 bears should get nervous. Long stop 14400 medium term, 14700 short term stop for longs. 15600 medium term stop for shorts. Italian spreads above 510. Outlook negative for this market.

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