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Friday, February 12, 2010
DJI - The wave 2 correction was a bit more complex
Yesterday I showed you a possible Shoulder/Head/Shoulder top in the S&P 500 and wrote that the set-up was the same in the DJI, but the S/H/S top was never triggered, instead it evolved into a triangle wave B of wave 2, and wave C of 2 is now finished or very close to, we may need one more high just above 10,161.34 to finish wave C and wave 2 before the on-set of wave 3 of 3 and you know what that means - A very powerfull decline to at least the 9,385 area, but we could see wave 3 decline all the way down to the 8.906 area.
The position and count is the same for S&P 500.With targets near the 982 area or even the 922 area.
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