Saturday, January 03, 2009


Monthly chart shows aggressive bulls managed to step back into the market in December. However, the index remains well below all of its key moving averages on this timeframe.

Weekly chart shows the bulls managed to close the index well above its 8ema.

Daily chart shows the bulls have managed to take the index back above the 8ema, 34ema and the 50sma on this timeframe. There is a possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

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