We broke 1160 today. This was the key pivot point that I said to keep an eye on. I was expecting at least 1175 if we were to broke 1160, but we got to 1170... which I guess is close enough. Instead of going up big into the close, we seemed to back down a little bit. It wasn't very impulsive though. We also got Dow Theory confirmation with the Dow making new highs today.
We seem to have a near perfect upward channel from our triangle breakout the other day.
So far, I only see 4 waves. I am expecting higher highs tomorrow for wave [5]. If we get those highs between 1175-1180, we could reverse down afterwards.
Breaking below 1150 will be bearish, and breaking above 1180 will be very bullish.
The Nasdaq finally hit its long term downward trendline today. This line has always produced a violent move to the downside.
Let's see if it holds or not.
The US Dollar is pretty much at a level where it needs to turn up, otherwise it could turn down once again.
We seem to have a clear 3 waves up, and it looks like the dollar is in a wave 4. We are also at some key fib support. The dollar basically needs to go up from here, otherwise this recent move was just an ABC up.
RIMM still seems to be in a corrective wave up from its lows last fall.
Time wise, this wave 2 has lasted a long time. Either the count is wrong, or RIMM needs to start turning down soon.
0 comments:
Post a Comment