Thursday, June 14, 2012

6/14 mid-morning update

Price has apparently put in an earlier-than-projected 24Hr low (though a higher session low is needed to confirm) and taken out the prior 24Hr high.  This whipsawing action had me thinking of avoiding trading today until it resolves itself, and I should have acted on that thought.  Price is possibly attempting to put in a multi-day top today or tomorrow.  There would then be time for one more multi-day low which would coincide with the multi-week low projected for Tuesday (but could possibly come earlier).  When this low is found my belief is we will have a strong rally next week as the market will be on the upside of both the multi-week and multi-month cycles.

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