yauger
Long

Procter & Gamble heading towards new high

NYSE:PG   PROCTER AND GAMBLE CO
26 0 1
Last week while the world was coming to an end, PG             held its head above the water. We see that as a bullish sign. So we took a look at the chart and PG             still sports a compelling story using the Elliott Wave Principle. First it appears the decline from 94 was only 3 waves down a counter trend move while the current advance from recent low @ 65 sure looks impulsive.

Thus, regardless if current advance is the real beginning of the next major rally of only part of more complex corrective move ( bullish triangle ? ) before that rally emerges, for now on and as long 65 holds we are bullish PG            

For the very short term I would expect a bit more weakness towards 71-73 as the small correction ( wave ( 2 ) ) seem to be short in time. Earning report is due on Tuesday and that might generate some sparks.
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