Friday, June 19, 2009

Possible Triangle

The intraday pattern in the markets is beginning to look like a small b wave triangle, which could morph into a flat. If so, we will likely see a sharp spike up in wave c before the markets roll over again to continue the correction.

I have a feeling that a lot of people are going to think the correction is over. I think it would be surprising if the correction did not last two weeks. Also, we are due for one of those 7% to 9% corrections that occurred so many times in 2003. 9% on the Qs is 33.88. It is beginning to look like the zone around the Golden Cross will be a buying opportunity.

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