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Where are we now…

Where are we now…

by MoleAugust 6, 2008

With the futures pushing higher on the day, particularly the NQ, most signs are leading to an advance in a C wave of minor 2. The question remains the targets. It is quite plausable that the $INDU and even $SPX can complete their 5 waves of C without breaching our critical levels. The chart below lays out a few of these scenarios. If the $SPX and $INDU continue pushing above our critical level, $INDU will most likely push up into the 11850 range. $COPMQ and $SPX have a nice wave 3 gap (created 6/25 and 6/26, not shown on this chart) that would like to be filled if they do decide to push higher. The $SPX has a gap open to 1322, while $COMPQ’s level is open all the way to 2401. Both of these targets remain some distance away right now, but would be probably targets should our critical levels give way. That said, the next small term move is most likely up, to test our previous highs.

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Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at various social media waterholes below.