Intraday Update 12 February 2010

I thought that there is a last wave v up missing in wave (c) of Minute [ii] but with today's gap down there'd be already an overlap with wave i, thus I think that Minute wave [ii] peaked yesterday.

A decline below 1045 should confirm this.

Since wave [i] had a length of about 60 points, wave [iii] should measure almost 100 points.

1080 - 100 = 980 - that's the target for wave [iii]. The subwaves of [iii] could look like that: 1040-1060-1000-1020-980.

Edit 10:18 AM: 1080 to 1063 was probably wave i of (i) of [iii]. Wave ii should retrace between 38 and 62 %; that gives us a target in the low 1070's.

Edit 12:30 PM: Quite strong for a second wave... The other possibility is that we get a double zigzag for wave [ii]. In this case the triangle would have been an (x) wave, yesterday's rally a of (y), today's decline b of (y) and the current rally c of (y).