Prices have come down lower, and with some indexes sporting a 5 wave EW pattern. A CIT might be at hand but the issue here is if the main index is sporting the same type of EW pattern. So far the draw down today has not impacted the ST and remains to the upside, but it could just be a matter of a few hours of trade. I feel that the intra-day move tomorrow is for a rally, but will have to reassess whether it is a short or longer term rally. We are entering another pink band where a CIT might occur (shown on chart below).
MT: UP
ST: UP
PA: UP
I do have to thank Chris who have been so diligently calculating a top and so far have been dead on with the 1900 call for months now. Although discouraged at times, it's all just a matter of time I suppose. Its easier said than done, but so far the target of 1900 has been hit. Now we just have to see if it turns here and look at our patterns and indicators to see what transpires to confirm with the analysis of a top.
Thanks. Mike:) It's been frustrating hasn't it. We might have a final move up to 1908 as it is a weekly time/price resistance from the 2007 high and 2009 low.
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Hopefully this falls in line with the pink CIT range.
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