Jan 14, 2012

Weekly review / Седмичен преглед

Another boring week with no surprises. SP500 made higher high almost touched 1297 as expected. Another push higher can not be excluded, but the risk is getting higher and higher and the profit not worth it. The move looks tired.

What I expect a top next week and correction for 2-3 weeks and first target MA50 1240-1245.

The correction should be a three wave move. First target is 38,2 Fibo retracement and MA50. Next lower target is 50% Fibo retracement and pullback of the same size as the last one - 65 points.

The cycles are already very extended on the upside, so I expect short living but sharp sell off and a bottom between 25.01 and the end of the month.

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