The market opened slightly higher this morning,
hitting 1460 before pulling back to 1458. That pullback was followed by a sharp
move higher to 1463. That rally was quickly followed by another move back to
1458, before the market moved higher once again, this time moving up to 1465.
After a pullback to 1462, the market rallied back to 1465, but failed to move
above the previous high. The market then moved lower near the close, with the
drop accelerating into the close, dropping the market to 1461.
The move to 1465.15 today seems to complete a 5
wave sequence from 1456.61. This would mean that three waves have completed
from 1456.13. If this is wave 4 of that sequence, it should terminate near this
level in order to project wave 5 to my target of 1497.
If the market continues lower, it should find
support first near 1450, and then 1426.
No comments:
Post a Comment