Tuesday, June 29, 2010
Dow - Sorry, it is wave C of major wave II
Dow has just closed with 268 points down (-2.6%) at 9870. It remains above its wave A of 9816. But Nasdaq and S&P have closed below their respective wave A.
Nasdaq sank 85 points (-3.8%) to close at 2135, which is 23 points below its wave A.
And S%P gave up 33 points (-3.1%) to close at 1041, that is 9 points below its wave A. 9 points lower may be marginal but I prefer to take it as an indication that we are already in wave C of the major wave II. Similarly for Dow, it is half way through its wave C and I am looking at 9300 as the end of its wave C of its major wave II, another 670 points to go.
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