SHORT TERM: market opens higher then closes mixed, DOW +44
Overnight the Asian markets were mixed, Europe opened higher but closed mixed as well. With overnight selling in the commodity sector the US index futures moved higher. At 9:15 July industrial production was reported +0.2% vs. +0.4%, and remains flat for the past year. The market opened slightly higher, then rallied to 1302 in the first few minutes. That was the high for the day. After a pullback to SPX 1291 by 10:00, the market stayed within that trading range into the close. For the day the DOW/SPX were +0.35%, and the NDX/NAZ were -0.25%. Bonds were up about eleven ticks, Crude lost $1.25, Gold dropped $20.00, and the Euro was lower. Support for the SPX remains at 1287 and then 1261, with resistance at 1316 and then 1327. Short term momentum remained around neutral, and the near term indicators edged up slightly. While the USD, currencies, and commodities made big moves this week. The equity market ended mixed, with the SPX/DOW slightly lower and the NDX/NAZ higher. The USD appears to have broken out of its 3-year downtrend. But it’s not certain if it has ended its 7-year bear market. Since this rally already looks similar to the 2004-2005 uptrend, it should retrace back to about 83 on the USD index by 2009. This should continue to pressure the commodity sector in the coming months. Crude oil, the leader in the sector, most likely will bottom first. It continues to hold support, while the precious metals decline. Best to your weekend!
MEDIUM TERM: uptrend high at SPX 1313
LONG TERM: bear market
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Tony, thanks u\’r awesome.
>Why Putin pee in his pants, when he has to match Gordon Brown, Sakorzy and Angela Merkel.
)
Putin needs to turn just one switch off – Russian NATGAS pipeline to EU and Europe goes back to dark ages of LNG
Hi Sue,
You read my mind.
See this weekend\’s post.
All charts are posted in the link at the bottom of every update.
Dear Mr. Dollarpro,
Just curious to know what was SENSEX during Dinosaur age.
It appears from most of your write-ups that much of your time is spent in imaginary world, than in real world.
Regards,
Praveen Shamain
Goa – India
S2/Stu .. nice commentary.
I know there are quite some Indian readers here.
If you know what would happen to SENSEX, it would be sent back to Dinosaur age.
when war comes, US companies would halt IT expenses, companies like Tata, Satyam, Infosys would lose all its lucrative contracts.
Foreign works would be sent off, when the US and European get more inward looking.
In true Indian fashion, the shareholders of the Indian companies should be dumping their US shares about now.
I was watching Terminator III, and at the end of the show, the male actor said"
I would always remember what Terminator taught me, never stop fighting, the war has just begun".
Yes, readers here are up in arms, and get ready for WAR.
striaght from the horse mouth, from Deutsche Welle.
http://www.dw-world.de/dw/article/0,2144,3570539,00.html
I always wonder why has the German chosen a short fat lady as Chancellor, now I know it is divine wish.
German and Russian were at war long time ago, during Hitlers rule and in the 18th century.
Why Putin pee in his pants, when he has to match Gordon Brown, Sakorzy and Angela Merkel.
If war breaks out this would be the onset of the Kondratieff Winter, a Black Swan event up to now.
However, I still see SPX touch 1320-1327 before rolling over. Be patient, and wait for the enemy to come to us.
watch my blog for more updates. It is like a chess game playing out.
I think the nail is in the coffin, when Merkel said what NATO has refused for the past yrs.
http://english.aljazeera.net/news/europe/2008/08/2008817111420784486.html
( I prefer to read the middleeast news, than CNN. CNN is not as good as it used to be)
Merkel in Tbilisi is inviting Georgia to join NATO. When Georgia joins NATO, Russia would have to confront the entire NATO, including US, Europe, Poland, Turkey, etc.
The only way to prevent it is for Russia to seize Georgia and occupy Tbilisi and perhaps take hostage of Merkel.
I mean Russia has agreed to retreat back to South Ossetia, why aggrevate the situation ? Well, obviously the Politicians want to see war (or they are motivated by other factors to see war).
I think this is what Arch Crawford is referring to.
Brought to you real time, immediate from dollarpro.blogspot.com
Wait for the world to wake up to this reality. "Georgia joining NATO".
It would be a testing time for USD, would the world rush into USD when a war involving US is brewing ?
"Hmmmm, I wonder how much a war with Russia would cost us."
This would be a disaster of biblical proportions IMO. First of all, the US military is stretched very thin. Second, there is always the nuclear issue- the closer any side came to winning such a war, the closer they move themsleves to destruction. On the flip side, nukes may eventually be the only thing that prevents the US from going the way of the Roman Empire. Our collective finances dictate that the global influence of the US will recede. The militarty is always the last thing to go.
"Hmmmm, I wonder how much a war with Russia would cost us."
This would be a disaster of biblical proportions IMO. First of all, the US military is stretched very thin. Second, there is always the nuclear issue- the closer any side came to winning such a war, the closer they move themsleves to destruction. On the flip side, nukes may eventually be the only thing that prevents the US from going the way of the Roman Empire. Our collective finances dictate that the global influence of the US will recede. The militarty is always the last thing to go.
1 day has passed since 16 Aug, a treacherous day in Astrology terms. Nothing has transpired.
Russia promise to withdraw into South Ossetia by Monday.
Ok, human have survived another day.
Hit the road, Jack,
Hit the road, SPX,
Dun come back no more,
am waiting for you at 1327 for the ride to 1440.
Serg, impressed with your Elliot Oscillator, 1090 seems like a target.
However may SPX goes to test 1500 and then drop again ?
I mean, FED may just use its proxies in Carribean to buy up the market right ?
Or Hank use GS to do the same ? We have seen them engineered the USD bubble so far. Why not another
Equities Bubble when Oil, Gold, Commodities are all falling relentlessly ?
Perhaps to give McCain some support for the election ?
Exactly, Jack
When many people think the market will go lower, normally it will go higher.
A meduim term picture
I was playing with my toys tonight (naughty, naughty Serg!)
and checked Elliott Oscillator on 120 days timeframe
http://paintfantasy.com/images/spx120dEWO.jpg
based on an article below
http://www.tradingfives.com/articles/elliott_oscillator.htm
1) The most important single concept about the Elliott Oscillator is that the highest/lowest point of the Oscillator is connected to the bullish/bearish Wave 3 of the swing.
2) Related concepts are that Wave 4 crosses the zero line in the opposite direction of the trend.
it seems what year 1999 was indeed a top of Wave 3.
Also oscillator did not cross 0 yet(as suggested) so we are still in Wave 4.
So looks like we indeed get recession/depression of 2010-2012 before
we start Wave 5 with new Clinton administration in 2012
1553-768=785
A=0.618C 1576- 485=1090
A=C 1576-785=791
I am very astonished with Sue count. If Sue is right, then we would have Oil at 150, 175 or even 200 in no time.
And Gold to surpass 1030 swiftly.
I think nobody in the market except Sue is saying that. It would take a BLACK SWAN event.
Can you send a copy of your count to me at dollarproaragon@hotmail.com ?
> And there is nothing much out there to buy.
You forgot an Air Bubble of 2017
Water Bubble of 2020
Moon land Bubble of 2025
Cloned Organs Bubble of 2028
Monday-Tuesday is also ~62% of the May-July decline time-frame.
Been studying my charts all yesterday afternoon, evening and throughout today, on and off, because I\’m going nuts over this. I have no life.
I\’ve concluded that with respect to $USD and $USO, we completed a Wave 4 in a-b-c fashion last Friday 8.15.08.
Regarding the dollar: The most recent run-up was a Wave 4 correction up from the 2006 highs of ~$93 to the lows of ~$71 (-$22). We still have Wave 5 down to go, which I anticipate will complete at ~$69 (38% of Waves 1+3), and will complete sometime in September-October.
Regarding oil: Oil trades inverse to the dollar. Thus, the recent sell-off was a Wave 4 correction down from the 2007 lows. We still have Wave 5 up to go. I have not calculated dollar targets to the upside for oil, but expect to do so sometime this week.
I have not analyzed gold, but anticipate gold will behave similarly to oil and move upwards in a Wave 5 that will supercede its last all-time high. I do not have a price target for gold, but expect to analyze soon.
What does this say about SPX? It means my original thought that this was a Wave 4 correction upwards is correct, although it went higher than anticipated and carried on for longer. We still have Wave 5 down, which I expect will find support around 1165-1170. Time frame: September-October.
These projections could all change if the dollar continues higher in the next 1.5 weeks.
I am on standby monitoring any happenings, on this Lunar Eclipse weekend was predicted by Arch Crawford.
I would post on my blog dollarpro.blogspot.com for any immediate happenings.
So far USD/US Equities have been the benefactor of the Russian Georgia Conflict. People selling emerging markets,
reinvesting in US equities. Have to say, this are dumb monies. the buying I would say has been substantial in such
a way that it stalls the drop of SPX. You can see the triangular formation by virtue of this Funds buying.
This time round it is the Institutions who are bullish not the Retails. The Institutions have no choice but to invest, they can\’t possibly keep all the monies in cash. And there is nothing much out there to buy.
Think the smarter ones would pump it back into Commodities. With Olympics coming to an end, China would resume its economic activities, with buildings, infrastructure projects kicking in. South China would build a huge bridge linking Macau, HK and GuangZhou. There is also the Shanghai World Expo in 2010. Disaster rebuilding in Earthquake hit West China. All these requires metals. And of course for all of us in America, it would be much easier travelling to China and stay when the Visa restriction is lifted.
What is in the mind of most of American\’s mind is whether to walk away from their housing loan, or where they may get a government grant.
USD closed at 77.15 with a high at 77.27. $77.15 makes a perfect abc from 70.70 where c=1.618*a to the penny. 77.85 is the previous degree 4th wave, a common place to retrace and 78.5 makes c=2*a. So, the USD has possibly 1% more upside but could easily have topped Friday with very overbought technicals. That correlates with gold and oil being in narrow, but strong support ranges (770-780 and 109.3-111.6 respectively). Once USD is above 78.5, there is minor resistance at 80 but no heavy resistance until 83-84, nearly 10% above today\’s price. Same goes with gold and oil having next major support 10% below (gold at 700 and oil at 100). Likewise, SPX has reached strong number pattern, Fib and pivot resistance at 1316ish before backing off to 1298 now. In recent months, SPX has moved 2-3% for every 10% in gold/oil, so it would likely reach 1320-1340 if oil and gold dropped to their next support. That fits the EW possibilities as well. All the pieces are in sync so it shouldn\’t be too hard to spot the next brief move.
Due to the small NYMO move Friday, Monday is likely to be the decider. There could be a brief small head-fake, but SPX has little room to head-fake on the upside…maybe 1306ish…and if 1320-1340 is meant to be, I\’d expect it to end this week. I sold all my remaining longs and 401K at close Friday to be conservative (especially with the Russia situation) and am preparing to short SPX and fill out the rest of my 1/4 gold long position. Personally, I hope for a low-volume SPX rise Monday morning and will short any subsequent weakness at 1306ish with an eye on any bounce off 1292 or continuation through 1313. If there is a gap down Monday morning, I\’ll wait for a trend line break and/or the first strong bounce to short. Good luck.
Hurricane Tina Fey has a heart
http://paintfantasy.com/images/feyheart.jpg
Sue, I love your pragmatic thinking
u must be an Earth sign? just guessing
) lol
- how much would cost us?
- do you accept AMEX?
- I\’ll take two, please
Hmmmm, I wonder how much a war with Russia would cost us.
It\’s a 45-year Cold War cycle, stupid!
The war drums are beating once again between Russia and the USA, just as they seem to do every 45 years.
What is it about Saturn-Uranus conjunctions and oppositions that operate like a well-timed theatrical drama between the United States and Russia? You can go back in time and look at this 45-year cycle and its half-cycle of 22.5-years each, and see these patterns of change from “friend to foe” with such regularity that it nearly defies coincidence.
http://www.stariq.com/marketweek.htm
> I expect SPX to drop to 1220ish initially where trend lines cross and where bulls will be claiming a successful retest back near 1260 before the panic when 1200 fails.
Stu, I disagree (or it depends)
if we remain within(inside) ED we may need a week to reach 1327-1340
at that point the median line will be at 1220ish
so say we drop from there – by the time we reach 1220 median will be below 1200
if 1213 was a top when median right now at 1220ish so when we get there it will be at 1200 or below
this suggests 1200 as target for 1 of 3 and a hell of a drop
Of course my assumption is we\’ll reach median line on wave 1 down.
It it\’s not the case your 1220ish is in play
Oil: Strong support $109.3-111.6 then good support at $100. Looks like abc complete enough at .382 retrace with c=.618a at 111.6.
Gold: Strong support at $770-780 then weak support at $725-730 before the big $700 level. Looks like ab-a complete with minor bc still needed.
SPX: Strong resistance at 1316-1327. Depends if oil and gold hold current support areas. Could be in ED c of ii of 1 of C to 1302/1306.
Sentiment: VIX stoch oversold longest duration in 3 years other than May 08. CPC and ISE 20dSMAs at recent SPX drop levels. Gold sentiment not bearish enough. Calls for THE oil top and THE SPX bottom have been growing.
All: SPX 1313 may have been the top, although 1316-1327+ should come into play if oil and gold fall to their next support level. Gold back to 900 and oil back to 135 seem likely for starters and possibly even new highs, and that will exacerbate the next SPX drop. Then, oil and gold should fall again in a choppier (possibly triangular) fashion over 4-6+ months to allow the large SPX rally that Tony expects starting Oct/Nov. I expect SPX to drop to 1220ish initially where trend lines cross and where bulls will be claiming a successful retest back near 1260 before the panic when 1200 fails. A breach of oil 100, gold 700 and SPX 1340 will certainly require a re-evaluation of my big picture, but I don\’t expect it.
Good luck.
read my piece on dollarpro.blogspot.com about "Dollar Bubble".
meanwhile am watching for unusual happenings as forecasted by Arch Crawford around 16 Aug, plus a few days.
Arch forecasted a low in Oil at around 107-108. Possibly when SPX travel to 1327.
the fact that NYT publish Roubini on its Sunday page, shows the media trying to fan the pessimism when the USD flowing back from China/Asia is buying up the equities. (have to admit these monies are not smart, if they are they would be out of Asia/China long time ago, like Buffet did with Sinopec). I would call them Dumb monies.
When media and the Funds are trying to hatch a rally, with the help of the RAT team, we would just wait for the them as in Sun Tzu art of war, wait for the enemy to travel long distance, and tire infront of your fortress.
Dr Doom, Roubini, is largely right.
http://www.rgemonitor.com/roubini-monitor/253363/new_york_times_article_on_nouriel_roubini_as_dr_doom
He prewarned in Sept 2006, the market top out in Oct 2007. Hence we have to have a sense of timing in all these foresights.
Soros was also wanring about Recession in early 2007. however you dun short the market in early 2007.
Knowing that the market is going to fall deep, we should be prepared for a rise instead before the great fall.
Hence the answer to this question would lie in next 2 weeks. How far would the rise goes to ? 1313, 1320, 1327 or even 1340.
Barring any unexpected events, (or a much worse housing data next Tuesday), expect SPX to oscillate around 1300 with a upward bias.
Mike, I completely agree with what you are saying. My take is that Bernanke and others will have no say in where we are headed even if they want to. Take Japan as an example: zero percent interest for many years to stimulate the economy and they got all the way up to 0.5%? Print all the money you want but if it buys you something that is worth less and less what\’s the point? How do you pay back principle even with zero percent interest when the underlying asset is worth less than you paid? Better to use that money to go short than go long. Take a look at what the Fed did during the Great Depression with interest rates – to no effect. Deflation is in my opinion a different beast than inflation and we\’ll find that ultimately there is less of a fix for it than inflation.After reviewing long term commodity and stock charts again, I\’ve come to the conclusion that we are in 1 of C after a B throwover in pretty much all commodities. Hopefully we will get a decent wave 2 to short into. However, all commodities are going to plunge in the next round and it will surprise everyone (the move in nat gas is a good example of this). Once commodities bottom the Fed will start to cut again and will try to inflate things but it will only be in nominal terms. They will continue to cut believing that to be the solution only to worsen the problem. I read somewhere recently the Fed will be like many a general entering a great battle – they will fight the previous battle (the Great Depression) believing that to the formula for success only to lose the one in front of them by failing to adapt to the enemy. Sue, I tend to agree with your analysis. I wouldn\’t be surprised to see the market head higher under the false interpretation that the rising US dollar and falling commodity prices are heralding good times ahead. They will be oh so wrong though. They will become concerned when commodities don\’t stop falling.Why do people think the banks are so willingly taking back the MBS they originally distributed without a fight? Altruism? A sense of guilt? No. They want the relatively safe haven of those instruments because their value in REAL terms will increase appreciably. Don\’t believe me? Think of it in these terms: You can own a bond on investments that entitle you to principle and interest based on 2008 dollars. Well if 2012 dollars are worth 25% less than 2008 dollars how much have you made? I realize there is splippage in there due to defaults but the majority of people won\’t default because the public holds their assets right until the end and by that time the banks will have collected the vast majority of the principle and interest. Holding bonds you are essentially long cash, short assets – a perfect position in a deflationary environment. In technical terms, credit has been distributed to the public (just like any stock) and now the great decline has begun.
http://www.rgemonitor.com/roubini-monitor/253323/the_decline_of_the_american_empire
Roubini has been on top of the mortgage/debt/housing bubble well before most economists. This piece explains why the global empire of the US is falling apart just as the British Empire began to fall apart early in the 20th century. We are progligate debtors and now we are completely dependent on strategic competitors in order to finance ourselves. This is obviously a bad situation.
On another front, why would bankers including Bernake choose elevated inflation over deflation? IMO and some others, it is in the bankers best interest to have deflation rather than hyper-inflation.
http://market-ticker.denninger.net/archives/2008/08/09.html
"Those who argue that Bernanke will "hyperinflate" have a tiny little problem with their thesis. That thesis depends on Bernanke and the rest of the banks (who are, in fact, his masters as well as his servants) acting in a fashion that is explicitly against their own self-interest.
Oh, and by the way, they know this.
See, banks normally want a small amount of inflation. Just enough to make it not worth it for you to hoard cash, as it slowly devalues. This forces you to spend and invest, lest you see your purchasing power disappear.
But what a bank never wants to see is an inflation rate that is above their lending "spread", or the difference between their cost of funds and what they charge. If that ever happens then they lose big; remember, all banks are leveraged and as such small "percentage" base losses get multiplied by their leverage ratio!
So exactly what is all this "poppycock talk" about helicopters and such?
Quite simple, really. You start talking about deflation and people freak out. You want to be Fed Chairman? You don\’t dare say that you\’d respond to a credit crisis by allowing deflation to take place. Never mind that it would help you and your buddies – it positively reams everyone who is in debt, and that\’s 80% of the population, plus the government itself!"
Sue, I\’m not Tony but Serg and DollarPro are mostly correct. All of the investments you\’re looking at aren\’t perfectly inter-related. If they were, then we would be seeing the S&P rallying dramatically right now as oil falls dramatically. Oil and stocks both fell on many days the past few weeks as the dollar rallied. And as Serg points out, the dollar really isn\’t rallying. What you\’re seeing is other currencies actually collapsing as recession fears intensify in their countries. This is what happens in a deflationary environment. As economies around the world contract, real estate, commodities and some currencies fall in value. Some countries (those that aren\’t as heavily in debt as we are) will do okay as their currency will not fall as low as others. The winners and losers can be measured by the strength or weakness of their currency. The US has been losing for the past 2 or 3 years and now other countries are moving down toward us.However, the US is still in the lead in this deflationary race downward and our stock market will reflect that…
Tony, do you have a wave count for oil? I see oil as having completed Wave 3 down, and just started Wave 4. I see Wave 4 completing either Monday/Tuesday. Or Wave 4 can go on for 7-9 trading days. What do you see?
I also studied the charts carefully and it seems medium-term if the dollar is going to $83 as you said which I agree with, oil will go to $101-3 on Wave 5, gold will fall to ~$720-30. If oil goes to $101-3, I believe S&P500 will break above 1327. I\’m projecting a possible 1345 by early September. What is your projection? I do not believe S&P500 will go below 1374 until after we go to 1327 or above.
I think I will have to be out of my shorts very quickly on Monday. We can either go straight up rapidly, or there will be a minor to several day pullback as oil bounces on a wave 4.
Your thoughts?
Thank you again.
Now Turkey is misbehaving
US must share power in new world order
"I don\’t think you can control all the world from one centre," Gül told the Guardian. "There are big nations. There are huge populations. There is unbelievable economic development in some parts of the world. So what we have to do is, instead of unilateral actions, act all together, make common decisions and have consultations with the world. A new world order, if I can say it, should emerge."
http://www.guardian.co.uk/world/2008/aug/16/turkey.usforeignpolicy
Dude, it already exists! It\’s called United Nations
It does not really mean anything but China did not get to 50%
So 1313 or 1320 – we\’ll see
The greatest fear of Bernanke is DEFLATION, Bernanke has been a student of the Great Japan depression. And he is trying all means to disguise it with inflation.
Still expecting the Rats Team to rally SPX to 1320-1327.
Sue, that is why SPX is hugging 1300 this week. One of the wisdom is that SPX would rally to 1400 with a stronger USD.
However, noting that last year Bull Rally was with a declining dollar. Hence there must be some very sound fundamentals to propel US dollar and equities forward.
All we can see is a muddle through economy, and ballooning twin deficits. The worse of the Medicad are et to come.
The next shoes to drop would be commercial real estate, (shopping centers going bust), breakdown of the medicare, etc.
Whatever strength we see now is an illusion by Houdini, the world is on the verge of entering the Kondratieff Winter. Once a while, in cold winter, you have days of hot sun. Nice for basking in the park, naked.
>If the dollar is expected to go to 83ish in the coming months, I would expect in the coming months the S&P 500 to rally to perhaps 1400 in the next few months, i.e.,
Sue, see the inverse relationship may exist for years(phases of the business cycle) but one day it can breaks and confuse people. Initially US suffered,(subprime, credit crunch, you know the story) and the rest of the world believe in a decoupling story. Now the rest of the world is catching up to the US and US no longer seems bleak. The point is, we comparing fiat(aka paper) currencies against each other. It\’s just over time one currency may fall faster than others, the other time falling is slowed so others catch up. The other point is – if we are approaching and/or in deflationary phase of business cyclethan usually every asset is going to deflate.
http://www.longwavecycles.com/part7/index_html_m65ac987.jpg
Hi Tony,
Thank you for your analysis on the dollar. My question is as follows: if you expect the dollar to retrace back to about 83 in the coming months thereby putting downward pressure on commodities, it seems you would have to expect the S&P500 to rally in the coming months.
How do you reconcile your expectation for a much larger dollar rally with a projected medium-term top in the S&P500 at 1313? If the dollar is expected to go to 83ish in the coming months, I would expect in the coming months the S&P 500 to rally to perhaps 1400 in the next few months, i.e., September – December. Considering the dollar has rallied thus far, would this be unreasonable?
If the dollar has bottomed, it seems the S&P500 has also bottomed and will not see 1200 again until perhaps next year….?
Hope this makes sense. Thank you.
having said this, still expect market to test 1320-1327 next week. It is all the pent-up energy for one sharp move. The longer it toggle 1300, the sharper is the move. Probably SPX is shy when so many people is watching it dance.
on national TV, you have fund managers saying China is the safest place to invest in. The Friday before this week, national TV put up a blitz on China equities.
Think once Olympics is over China market would crash. Still one more week to go.
Serg, I know you have great respect for the FED, so do I. You know chairman of JP Morgan sites on the FED board of directors ? Bernanke may not survive his next term if Obama wins.
Market would soon force the hand of the FED to cut once more. Just like in some previous recession. The market only recover when the FED begins its second series of cut.
China – locomotive to the abyss
http://paintfantasy.com/images/HSItootoo.jpg
By the time we are done couple of banks will blow up, Fed will cut rates another 50 ponts before Federal reserve is abolished in 2009, dollar will be strong, 6% mortgage rates will be history,
housing will hit the bottom. Very good times indeed! excelent time to start a new Bull Market
SPX 1000, here we come
another 29% drop
This wave C has eluded me so far. But with time, different EW probabilities can be crossed off the list. Looking at the chart at the close of the day, it looks like a solid ending diagnol on the Q\’s with wave d of C finishing at the close. Monday we should reach new highs testing (and probably breaking the top line with a throw over) and then quickly reversing. Looks for the highs to be in the 48.60 – 48.70 range before turning back. AAPL and RIMM look like they may have already turned over.
With the end of wave 2 of C (or 3 depending on how bearish you are), we will start wave 3 of C, which is always characterized as the most swift and brutal. Recall that the wave 3 of A loss some 15% in about 5 weeks. This one should be even more intense. With the Q\’s playing catch up (our first day of relative weakness in a long time) to the over market and taking out the March lows. I would expect this wave to subdivide into 5 waves with the first wave finishing off at the march lows. The minimum target for wave C is 36.50 on the Q\’s with much more downside potential.
Q 15 min chart: http://flickr.com/photos/richpettingill/2765796329/sizes/o/
Best to your trading
http://www.cnbc.com/id/26224064
http://www.cnbc.com/id/26224064
Suggest going long, that\’s why people are buying.