Monday, April 11, 2011

First Target Achieved-- Now What?

In the post titled Pull Back, I suggested that the Mid Cap index and the Russell 2000 would retest the February highs. Here is a reproduction of a chart from the post:

The retest was achieved on Friday on both indexes. Below is a follow up chart of the Russell 2000. (I will not provide the Mid Cap, which is pretty much identical):

The teal color is my original projection, but I have now realized the possibility of an a-b-c zig-zag correction, shown in red. I'll be looking for clues to project which outcome is more likely.

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