Friday we saw a thrust out of the triangle (I had to change my count slightly as we didn't see any real setback in Fridays trade, which could have been a E-leg)We should see a move higher towards at least 1,222- 1,223 area, but I wouldn't be surprised to see a move closer to the 1,226 - 1,237 area, before the top is finally in place.
The start of this rally from 1,044.89 has been just as odd as this entire rally from March 6 2009, but the most likly reason for that is, that we need enough to cross-over to the bullish camp, before being ready to begin the next deep decline. In my humble view, we are only a small group left looking for a bigger decline to follow this rally. Many just think, that a small correction to lift the overbought conditions will be enough to produce the next rally higher.
A close-up of the triangle and the final rally is shown below.
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