Thursday, April 12, 2012

Market Conditions: 4-12-12

This chart comes courtesy of Rick Xiphos at Xiphos Trading.  He says that assuming the 5-day downturn to start April was the corrective wave 4 of a standard 8-wave Elliot cycle, we could see a measured upside to ~1487.  He goes on to say that if it was indeed wave 4, it happened in a very short amount of time, and I agree.

The next few days are going to be key.  We've got CPI numbers and the Michigan sentiment due tomorrow, as well as a gauntlet of earnings.  Not the least of which being Google later today.  Interesting to note that in two days we've recovered all of Tuesday's losses.

Follow Rick and his tweets @Xiphos_Trading.

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