Saturday, June 26, 2010
Preliminary Power index
WE MUST consider that MAY25th @ 1041 MIGHT have been the LOW
of the move from April 26th@ 1220- ATTACH WHATEVER Elliott label you wish,
but from there, we seem to be in SLOW recovery mode-
Certainly NOT a BULL market, IMO, but NO CRASH IN SIGHT either.
THIS last week had ALL the earmarks & potential to head LOWER and it stopped at 1068
at 11am on a probable 26 hr cycle
The POWER INDEX has MUCH MORE UPSIDE BIAS,
thus lessening the potential for a lower low
Energy & daily readings seem to concur with the above, also.
SOO, My earlier THOUGHTS about a lower low DO NOT look probable,
and those calling for a crash next week appear caught in a bear trap.
We had some conflicting ideas about next week, which now seem a little clearer.