Sunday, November 29, 2009

11/29 : E-Mini

This may be an a-b-c corrective in the works that will target the 78.6% retracement level at 1102. Wave c of this corrective is forming an ending diagonal with the 5th wave of the ED coming about. This would also target the top of the blue channel.

Note that a move to 1107 would also result in a backtest of previous trend channel (maroon). This would result in a 90% (approx) retracement.

The alternative is that this is a new impulse wave up. If so, I think this would be a subwave 'a' of b.

Let's see how this week unfolds.


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