Tuesday, February 7, 2012

Looking For A Pullback

We haven't seen a pullback in some time, and there is no way to predict exactly when a 3rd wave will end, but we should be on the lookout for a pullback between now and the early March.  The most likely pattern for the pullback would be a triangle with wave [v] to follow up to new rally highs afterward.  Calls for a major top continue to build, but the technical support for it is waning.  I would only alter my view if the Qs fell below the 2011 high.  For now, it's time to tread lightly until there is another buying opportunity.

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