Is this a developing five waves to the upside, or just a simple A,B,C correction into March 1st, which will be followed to a slight new low for next two weeks? The key will be 10 438 resistance level as well as the 10 186 support, which is the “must” hold level for the bulls –short term. So far we have 3 developed waves, which look completed. But would look much cleaner with a slight new high into the resistance I noted.
The downside move begun in 01/19/2010 looks like an ordinary "zig-zag" (A)(B)(C). This count suggests sideways next few weeks (months) or higher top. Sounds Heretical, I know. Despite that I left it as my primary version.
I would like to remind you something, I wrote in previous post Dec 20 2009, where I mentioned, that classical pattern's target is not met yet. Just keep it in mind. I hope next week's price action will make us more clear about the market's intentions.
I keep watching the Sentiment Survey Results as of 2/24/2010, where I do not see any extreme levels.
PS. For last two years I keep on eye every full moon cycle. I've noticed that every month the stock market is UP for at least 2-3 days, covering the full moon cycle- correcting or impulsing. It happens every month.