Posted by: rp on the 28th of Dec 2011 at 10:27 am
may be proved wrong but i don’t think this is a wave 4 pullback with another higher high (wave 5) to be made. my thoughts (fwiw) are that so far, we have a break-out from friday of that downtrend line i posted last week, which as i mentioned was likely to fail because it was on very low volume. although we are not low enough yet to clearly say it was a fake-out (i’d like to see some more impulsive downside to confirm), IF that happens, then a new “5th wave high” would mean that we get another breakout of this trendline and that would be bullish and portend more upside IMO. again, just my thoughts but i think this morning was a good place to add shorts, with a stop over today’s highs.
