3.23.2012

Bull hopes and may attack for 1401.48 today or intraday

Bulls hope and may attack today because bears were unable to breach the 1386 support line.
All short, medium and long term trend lines for bull are intact after 3 days pullback.
Technically I think the pullback can be considered as the the correction waves (a,b,c) of the 1st wave of the wave 5 of  wave 3/3/3/3.

In the 5' frame it seems that a double bottom is in forming and if the market can continue bouncing from here, my 1st target would be 1401.48 or 0.61% for today or intraday.
Cautious bull will not rule out the possibility that one lower low may be seen because from the 5' frame also seems that a falling wedge is in progress. The falling wedge is a reversal pattern therefore a lower low is a chance to buy.

2 comments:

Carlos Júlio said...

Hi sir.
What do you expect for the next week.
Gap up monday and new highs or more consolidation early in the week and push higher end of the week?
Have a nice weekend.

StockMarketWinner said...

Carlos Júlio,
I think we may see some sort of
consolidation or a slight up next Monday. I don't see any sound reason
for a big-gap-up or down.
You too, have a nice weekend.