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Friday, December 8, 2012  Printer Friendly |
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Update For: Monday, December 10   [Finishing a correction]Key Level: 1.2662 "The 3-wave setback from September to November resulted in a switch to a bullish outlook and the impulsive rally from 1.2662 suggests the larger advance has resumed. A correction would offer the opportunity to turn bullish." The setback from 1.3127 has reached potential support in the area of the end of the fourth wave of one lesser degree and within striking distance of the 61.8% retracement target. It represents an adequate correction and the goal has switched to identifying a turn toward higher price levels. A rally in 5 waves at small degree would offer concrete evidence a turn has occurred and the recovery from the low established Friday might fit the bill if it manages to score a new high early Monday. If it does, a corrective setback will offer the opportunity to turn bullish using Friday's low at 1.2877 as support. Jim Martens |
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