The big picture is that the DOW hit a 2012 high May 1 at 13.279.5. From there it fell 5 waves to a low at 12.094. From there a 3 wave correction started to a high of 12.833.5.
Last Thursday the correction ended with a sharp fall to 12.559.8. Friday a small uptick to 12.651. This morning in Asia the DOW falls down to test the low at 12.559.8 again. A break could fail and then we will have a new run on upside. However I think 12.559.8 will be taken out within a few days and then the target could be the 12.094. I also think this could take several days.
The monthly trend is up, the weekly trend is down and the daily trend is sideways to up and the 2 hour trend is down. That means that my call is not written in stone yet but this is what I think right now.
Last Thursday the correction ended with a sharp fall to 12.559.8. Friday a small uptick to 12.651. This morning in Asia the DOW falls down to test the low at 12.559.8 again. A break could fail and then we will have a new run on upside. However I think 12.559.8 will be taken out within a few days and then the target could be the 12.094. I also think this could take several days.
The monthly trend is up, the weekly trend is down and the daily trend is sideways to up and the 2 hour trend is down. That means that my call is not written in stone yet but this is what I think right now.
No comments:
Post a Comment