9.21.2012

Bulls target today would be 1465.00 +/-

The rise since 1329.24 is clearly motive impulse waves (5-waves non-overlap pattern).
The rise from 1396.56 is likely a wave 5 extended and my target would be 1494.00.
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It's very likely the index had finished the ABC mode correction and would pave the way to 1494.00.
I don't rule out a cautious scenario that the index could reach 1469.00 +/-, turn south again to visit 1446.37, then turn north to resume the main trend and finish the target 1494.00.
In any case, my first target for bulls today would be 1465.00 +/-. Bulls need to get there, a minimal pullback then is allowable before the next fight (probably next Monday) for 1469.00.


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