Tuesday, August 17, 2010

Looking For Another Move Up

So far we have 3 waves up from yesterday's low. We would like to see one more move up in wave v of (i) to confirm that wave [y] up is underway. The positive action should begin soon tomorrow morning and will probably complete by mid-day. Thereafter, expect another 2 to 3 day pullback before a strong up move begins, unless tomorrow's upmove is stronger than today's. A move below yesterday's high before completing wave v up would indicate wave [x] down is not complete. Volume was higher today which is encouraging.

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