I am a firm believer stock markets are patterned in shape ( Elliot wave
) and cyclical ( Martin Armstrong works ). Because labeling waves is subject to human nature, using the Elliot wave
principle to trade is tricky at best. Nevertheless, sometime when you see a pattern you just have to accept what is in front of your eyes and right now the SUI30 appears to be ending an impulse wave that started at the March 09 low. I am showing you being wave C of a large expanded flat but it is one count out of many possible scenarios and I don't really care about the larger picture. The bottom line is SUI30 is on its way higher to end a pattern that has the potential to reach 10250-10400 where we have two targets: Wave C would equal wave A and wave (B) of my potential flat would equal 1.382 times wave (A). Once there, I would expect the market to roll over and start a decline that has the potential to be dramatic.