When Bernanke speaks

Bernanke " If the economy continues to improve, the asset-purchasing program could start winding down towards the end of 2013 and wrap up in 2014".

Dow was holding very well in the morning until Bernanke talked about the winding down of the monthly US$85 billion program in the afternoon. Dow dropped 206 points to 15,112 for a 1.35% drop at the close.

 

Wave (viii) continues with the starting of its wave c. It will take about another two to three weeks to complete its wave (viii) at around 14,300 level for an 8% correction.

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