Monday, February 23, 2009

IBM and other stuff

IBM as at time of writing has broken the 87 level..bottom of the wedge (see previous post) and also AAPL below 89, however better to see the closes. Seems like the market is getting pretty oversold so a short covering rally would not surprise to relieve oversold conditions.

DOW weekly chart...not an elliott wave expert BUT looks like we are in a wave 5...whether this is wave 5 of 3 or a wave 5 we won't know till after the fact. If it is the former, then we still have a wave 4, then a wave 5; if the latter, we should have a decent rally upwards ABC...

Either way looks like the target is around 6500 /6700 for a temporary low for this move.

(see prior post)

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