Tuesday, May 11, 2010

Rally running into trendlines tomorrow...


Projected into tomorrow, some very short duration trendlines generated from last Thursday's crash will be encountered, so if the rally is to end (and I think it will) we should be about through it now...

As such, it looks like this rally is probably a 'B' wave, and the coming 'C' wave should be roughly equal to the 'A' wave, by Fibonacci methods. That would put the S&P down to around 1016 or so, which would put it just below the next support exponential trendline. Looks about right...

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