Tuesday, October 06, 2009

I plan to reestablish longs in 1040-45 zone


John M said...

Once again, your analysis has been fantastic. I sincerely hope you are making or have made quite a fortune. One great call after another, it's really pretty remarkable.


Market Karma said...

Trend is up but this time, the rally higher from the correction low (friday last week) is unfolding differently than we have seen in the past six months. Still early, but the potential does exist this time for a lower top. This was not the case following the July, Aug, and Sep lows.

jeff said...

The 15 minute chart is starting to turn down and the 60 minute chart has yet to turn over. That being said. I think we head down a bit in the early morning.

I subscribe to the wave theory and believe last Friday, we started the last wave up, which will encompass 5 subwaves. The first subwave up is complete and second subwave down is almost complete. I agree that subwave 3 should get us to the 1090 level followed by subwave 4 down and one last subwave up to 1120 or 1140. After that, I think the market will start a long intermediate term wave 3 down to S&P 400 by end of year 2010. Looking at the monthly charts, the S&P 666 level is incomplete.

Charles said...