Tuesday, July 13, 2010

7/13 pre-open

The stock market is getting close to a tradeable top here.  The DJ futures have traced out a nearly complete 5-wave from Thursday's low.  Here is the hourly chart count:
The DJ futures are in the 4th wave of S5.  I will be going short when I count S5 complete.  The rally is far over-extended and regardless of whether this is the 1st wave of C or the completion of the ABC from the low 7/2 the retracement will be sizable.  The market has extended into a form where no more extensions are allowed.  My top target is 10,262 in DJ futures.

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