Wednesday, January 19, 2011

Turn - Jan 19, 2011

In my Jan 5 post, i had mentioned that wave 5 top was still pending and i will update once a turn occurs. There were a couple of hourly sell signals since then, but no damage was done to the daily structure. Today finally i have a sell on the daily charts and a completed wave structure. So the back of the uptrend from the Sep 2010 can now be considered broken. A multi-week intermediate term decline should now be the expectation.

From a e-wave perspective, wave A of the rally has topped and wave B is in progress now, which should ideally take us to the 1160-80 area.

Good luck !