Wednesday, January 12, 2011

Dow - Put on another 83 points

Dow just closed with another gain of 83 points, mini wave 9 is taking shape. The magnitude is about there. I am looking for 'Doji' in the next two days. Hopefully the magnitude of the next pullback can give some hints on the possible direction of Dow.

Referring to my post on 5th December 2010 my projection for Dow was 12,000 to 12,200 level by first week of January. At this moment, second week of January, Dow managed to reach only 11,750, the undertone is weaker than what I have expected. The duration of wave 5 at this moment is about the same as that of wave 1. Dow's movement in the next few days is crucial.

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