Tuesday, December 2, 2008
Dow going for Diagonal 5th Wave?
When Dow moves above the downward trend line on 28th November, it failed to pull away, it is a false breakout. The current wave is likely to be wave 3 of 5. If so, it will most likely stop at around 7300 follows by wave 4 of 5 rebound to the upper trend line again before ending the wave 5 lower at 7000. But if the current wave break through the lower tend line, it will come down very fast, under this circumstances, Wave 5 is no more a diagonal formation. If the current wave is able to hold above the last low, the last low is still the end of wave A and we are still at the starting of the 10 to 12 months uptrend Wave B.
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