Friday, May 22, 2009
The action in the Qs leaves a clear 3 wave rise from 5/13 to 5/20. Yesterday's decline is a clear 5 waves down on the intraday chart. Therefore, we can expect at least one more substantial move down after a brief upward correction. The next wave down projects to at least the 50dema around 32.60 to 32.65. However, I expect that a test of the Jan/Feb highs is the most likely outcome at this point. If short, that would be good place to start taking profits and look for a reversal.
Posted by R. Craig Pritchard at 7:55 AM