If futures move up to near the highs of the Thursday overnight session they will be recording a wave 2. Cash markets would then trade above last week's highs in a final move of the abc since the 8/25 bottom. The potential is then up to only 10,690.
Gary, Nice posts on your blog. I agree that sov is the next blowup, taking banks for the ride. I have revised the metals' outlook to benefit from the situation. I'll put up an I1 for the metals today. SP and DJ Futures should not exceed the overnight highs last week. Nasdaq will probably hit a minor new high.
Hey Steve.
ReplyDeleteLooks like they're giving up the ghost in the futures right now.
I've put some posts up over the weekend if you want to have a look.
Good luck.
Overlap occurs at 1122 SP and 10,557 DJ. Until then the count stands as wave 4 with final wave higher. Don't have long to find out!
ReplyDeleteGary,
ReplyDeleteNice posts on your blog. I agree that sov is the next blowup, taking banks for the ride. I have revised the metals' outlook to benefit from the situation. I'll put up an I1 for the metals today. SP and DJ Futures should not exceed the overnight highs last week. Nasdaq will probably hit a minor new high.