Friday 13 April 2012

Lunch time Update

We've seen a pretty reasonable Friday morning washout. All the weak bulls were kicked out, and a new group of bears sucked in - hoping to chase it lower into next week.

I still believe -primarily based on the daily cycles, we are headed UP. Primary target remains 1395/1405...probably no later than next Wednesday.

SP'60min



The blue count is just one of many valid ideas out there. If we are getting one final 'large wave'5' UP, then such a wave would perhaps be comprised of 5, 3, 5, something like that.

See the following chart, for a reminder on what a bullish weekly outlook might be.

IWM, weekly - bullish count



Anyway, as noted, I am Long. No risk...no gain.

*There is still a slight possibility we close positive today, but the depth of the morning pull back was more than I had thought.

More later...probably after the close.