The collision of global markets and social mood

Friday, March 22, 2013

First Friday Of Spring

I'm still leaning toward a triangle of some sort before higher prices.

There is still the 38% Fib retracement at 1533 that should be viewed as a buy level if tested, but with futures up, it's looking like the market may be trying to turn up from yesterday afternoon's decline.

Some Elliottician's are presenting "truncated fifth wave" counts which is usually a sign to me that they are trying to fit what they see into a predetermined scenario.

1525.34 remains the stop for the triangle (or any other correction). In fact, 1538.57 could be used too. But the caveat is that 1533 still looms below as a potent Fib magnet, and 1530.94 was the old high.

It's Friday, the first Friday of Spring, and it's doubtful everything will be decided in one day. However, more Cyprus drama awaits. The country must choose between default and taxing depositors. The result could be "interesting."

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