Well we need like 3 more points to fill the gap on the S&P FROM January. The number is 934.70 and then I guess they will try and hit that 200 day moving average which stands around 952 area. After that folks it is anyone's guess but it would seem highly unlikely not to hit that level.
As I have been saying this corrective move have the possibility to take us higher and it has with my ultimate target in the 1054 area or in terms or time early July we will see. I think right now as how I see the price structure we should hit the 200EMA and then pullback before we go higher for an ultimate peak, again the real question is how deep will the pullback be.
Initial I was thinking a mid 700 level on the S&P but now I think it might be a mid 800 level around 830-850, it is almost impossible to trade this wave 4 or make clear sense of it since it the messiest in EW analysis so we will have to wait and see.
MARKETJEDI
Saturday, May 9, 2009
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