Wednesday, November 17, 2010
3. bullish sentiment has reached extremes in some cases as we have the highest bullish reading for the Investor Intel. but not the lowest Bearish yet but in any case it implies more downside to come soon. Wave a down is about to bottom out around the 50 day MA which was yesterdays low for the DOW at 1980 with the Bollinger at 10900 just below which should limit the downside for now. Still going forward we likely will test the 10600 level as Wave C targetwhere also the 200 day MA is currently but also marks the support area.
Posted by getagrip at 10:26 AM