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Tuesday, December 7, 2010

Tuesday, After the Close!!!

Interesting day with the majority of the highs made with-in minutes of the open, then a steady sell-off persisted for the reminder of the day, leaving the SPX only 0.05% in the green at the close. Silver and Gold both closed at their LOD, and the biggies, the Dollar and TNX closed at their highs. TNX, was up a whooping 7.62% on the day as yields sky-rocketed higher.
Odds still remain good that the SPX put in a top of some sort this morning, the next question is which count is the correct one, only the 1st wave of 5 up finished, or the whole 5th wave. If this was only the first wave up, the 1210-1215 area is looking like a target for the 2nd wave down, from the support of the gray median line on the above chart and with 1211 being the 38% retrace level.
I am still leaning towards the other option, that the 5th wave is in, and a larger correction is in order. I also suspect that Gold and Silver might of also put in a top, especially with all the ubber-bullish and euphoria of the last week, both are set to disappoint and catch the little guy at the top. It is still too early to confirm a top, but any signs of follow-thru to today's sell-off after the open should provide that really quick.

1 comment:

  1. If the whole 5th wave is in, what kind of wave structure do you expect & do you have a target for the next wave down?
    Thanks!
    Jordan

    ReplyDelete