Tuesday, April 12, 2011

QQQ Correction May Be Nearing An End

The correction in the Qs appears to be drawing to its conclusion.  While lower prices are possible, the main element in the decline is a wave b triangle that would indicate that the decline is not impulsive.  Once this wave [ii] correction is over stock markets should embark on the strongest move higher since the March low.

The SP500 broke support at 1320.  A weak close today may lead to further decline into strong support around 1300.  However, there is fib support at 1305 which may be prove to end the correction.

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