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CURRENT MARKET TREND: Up 5/27/16 @ 2090
Stop-loss 2026

Thursday, December 1, 2011


No changes to the chart from yesterday. Support resides at 1230 area for a pullback. The bearish option is the C wave high was today, but full corrective patterns rarely channel as well as the move up has. Therefore, I believe this is either the A wave of an ABC pattern higher, the bullish count pictured in the chart calling it a 123 up thus far, or there also exists a VERY bullish case with the 12 up as pictured, but the 3 or C wave being counted as just wave i of 3. Again, because of the channel I don't believe the third case to be true either. So, by elimination, I believe this is a 5 count A wave for now targeting 1265/70 before a reversal back down to test 1220/30 level again and then higher in the C wave.


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