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Thursday, April 1, 2010

After the close, The SPX did make a higher high, and no lower lows, so the trend stays as up. The open this morning laid out the first decent impulsive wave I have seen in the last 13 days (LOL). Most likely the 1st wave of the 5th, with the larger part of the day spent in the 2nd wave down. The number of different options on the counts are growing once again, there are multiple ways of interpreting all the corrective waves for the last couple of weeks. For this count (my favorite option at this point) to stay valid we need a strong impulsive 3rd wave up next that would leave little doubt that the market is heading towards the 1200-1225 levels. I keep having nightmares about the long-winded correction back in the end of November and can still see this morphing into another one. One problem with the bullish count above is the Russell, which was extremely weak today, nowhere close to making a higher high and from the looks of it, still stuck in a corrective triangular 4th wave.
Breadth for the day was 2.95:1, advancers, a respectable number for a change, but we need follow-thru come Monday for the bulls to rest a little easier, short-term, of course, hehe!!!
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8:30, the SPX broke out of the triangle and made a new high this morning, confirming that the trend is still up. I am still looking at the 1200-1225 levels for the 5th wave peak to this rally, but am closely watching for any signs of a truncated top.

2 comments:

  1. columbia
    what are the signs of truncated top
    i also read that first result of long triangle breakouts is a fake one and reverses quickly
    thanks

    ReplyDelete