2 charts from Ron Walker.Ron thinks a B wave correction is imminent,to 1131-50 Fib support ,then a sharp C wave rally to complete the wave 2,possibly testing the declining 200 dma.Next year is shaping up to be very bearish.The euro chart suggests things in Europe will get much worse,though the C wave rally in stocks is likely to be driven by announcement of a deal to sort out Europe's problems.
Last week was disappointing for bears.I really thought we would get some follow through to 1010-1050 area before a bounce ,Tim Knight made a good post on the subject
http://slopeofhope.com/2011/10/why-road-to-take.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Ftradeblogs%2Fthe_slope_of_hope_with_ti+%28Slope+of+Hope+with+Tim+Knight%29ng
Last week was disappointing for bears.I really thought we would get some follow through to 1010-1050 area before a bounce ,Tim Knight made a good post on the subject
http://slopeofhope.com/2011/10/why-road-to-take.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Ftradeblogs%2Fthe_slope_of_hope_with_ti+%28Slope+of+Hope+with+Tim+Knight%29ng
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