Tuesday, September 29, 2009

Bulls not dead just yet

Lively day yesterday - first we plunged then rallied as the good old USA pulled us up on their open. Yesterday is Yom Kippur and traditionally a low volume day in the States - so don't garner too much from the price action yesterday. I have a feeling we will race out of the blocks this morning only to fall back in the afternoon.

I'm still bearish as long as 23556 on the TOPI holds, this potentially could be wave 2 up followed by a sharp wave 3 down. Wave 2 probably will be stopped by the upward sloping support now turned resistance if this is the beginning of a decline as surmised.....


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