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Feb 22nd, 2010: Slow Day

Posted by pugsma on February 22, 2010

4:55 pm EST:   Basically a flat day.  1112 was challenged early, but rejected.  I now think the 1095/98 area will be tested tomorrow in wave (4)-1-[5]-P1.   It is possible that (5)-1-[5]-P1 did complete at 1112 on Friday and we have begun wave 2-[5]-P1 with re-trace targets in the 1072 to 1080 area.  But I have a feeling the gap at 1115 will be tested before wave 1-[5]-P1 is over, so I look for 1095 to hold and then one more push higher.

Alternatively, wave [B]-P2 is complete just above the 62% re-trace of 1110.  And we are about to embark on a nasty [C] leg down to a minimum target of 1050 (38% re-trace).

15-min Chart (EOD):

60-min Chart (EOD):

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