Wednesday, July 4, 2012

While You Are Enjoying The Fireworks....

Just some quick thoughts about the coming days:

  • With NYMO very high, we may see a pullback tomorrow.
  • However the up momentum is still strong and will likely test 1380 in the next few trading days.
  • It is possible to treat this up move as wave 4.
  • While my target for upside is around 1380, it is not something written in stone and can easily over shoot to 1400 +/-. 
  • Do not be in a hurry to short yet, you are not going to miss the opportunity.
  • My target for downside is 1200-1230 by end of July.
  • Market is the final authority of its direction. We just anticipate the turns but never fight it,
Let us now enjoy the barbecue and beer.