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Monday, May 4, 2009

4 May Intraday Squiggle Chart

The point of this chart is that a sub wave correction is due. If pink (i) topped at 907 or will shortly top tomorrow slightly higher, than a pink (ii) pullback should go back to the previous subwave 4 which I think is obvious at 892-893ish. Thats also the 38% correction unless its goes a bit higher first thing tomorrow.

In all reality, it makes sense that key hard won support levels hold for now. 888 would be one of them.

Any retrace back to 866 is downright bearish for the entire rally. So if the market shows early weakness tomorrow, a pullback pink (ii) is likely tracing out. Pick a Fib. 38-50% would be normal.

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