Well, so much for the "big day"- expectations of some soothing words from the Fed meeting on Weds will be needed to get these markets moving higher again. Don't look for them to be pricking any bubbles now! There is now a triple bottom in the 2584 area which is the 50% retrace of the move up from 2535. If this does not hold, look for 2573 (61.8%), 2558 (76.4%), & 2543 as possible bottoms.
: All time frames (long, intermediate, short, and 15min) are now targeting the 2640-2650 area. Could get there tomorrow if we have a big day. May not see new highs on the Dow or the S&P if the COMP continues to outperform.
: : Be careful up here- we are closing in on the 2640-2650 area. Possible multi-month ABC correction of 5 waves up from Aug 04 may be imminent.
: : : 2600 target hit- will this wave 5 fail? We should find out tomorrow- so far pull back has been minimal. Long term 2640/2650 target awaits.
: : : : 2550 may be as low as we go here- if so wave 5 up projects to 2600.