Tuesday, 8 May 2012

Bullish signs at 1340 S&P

8/5/2012 Market close update
  • 3 Waves down from highs. 
  • Wave A=C
  • Down moves not clear impulsive waves
So now what? S&P each time it reached 1340, during premarket on Monday and during market hours today, it managed both times to pull back up towards 1360. If this is not a bullish sign what is? Of course we will confirm this above wave B top and by seeing 5 clear waves up, but for now....bears are loosing the battle. So it seems that we are in a correction for more than a month and we should expect the market to run higher after this correction has ended. Lets not be hasty though....The correction could take more complex forms and take even more time. We should be waiting to see 5 waves up before reaching any conclusions that this move is over. Bears are on the lookout ready to give another push towards 1340 and lower. Next target is 1302 in S&P futures, if bears come back stronger. For now...todays low should be an important stop for bulls.

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