Quote from ScalperJoe:
Got it, thanks. However, I'm curious as to how you get the 960 target, and what is the scenario for it to occur this year?
If it breaks 1,320 then perhaps it goes flatline to around 1,250-1,290 range during mid-summer (near mid-point of 5 wave pattern which began last October), before closing out in the black for 2012.
Without some climactic event (war, lack of additional QE, hyperinflation, Euro/dollar collapse, etc), I'm not sure the market is poised break the prior two years of intrayear lows and to fall to 960. I'm not suggesting it won't retrace on the larger wave count eventually, just not by the end of this year.
Your thoughts, comments?
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