Thursday, 10 May 2012

3pm update - A' wave complete...B underway

Looking at the 60min cycle, it would appear that the A' wave off yesterdays sp'1343 low is complete. We are now due a very minor B down wave - lasting into late Friday or early Monday. A final C' wave up is then due to complete - most likely by Tuesday or Wednesday.

Sp'60min, count'1

Looks like we'll close under the 10MA, the MACD cycle is clearly maxed out, so there is due to be at least a little weakness into the close - and we've plenty of last hour sell offs lately.

So, its still looking okay for the bears - in terms of the bigger bearish targets of sp'1300/1270.
I am looking to re-short this market around 1375/85, with the cycles as they are today, that is anticipated to be sometime next Tuesday.

Until that time, I'll likely just watch. Is it the weekend yet?

More after the close