Bittersweet

Just like we called it

For the last several days I've been calling this pullback based on the calculated scores below.  This system is turning out to be very accurate.  Overall, the RumWave still calls for more upside through the first half of August.  Tonight I have two "lights" displayed (above).  RumWavers that already bought into this rally should hold their positions.  Those that missed the buying opportunity are presented with another opportunity here.  



 The calculated scores (one of my two proprietary market analysis tools) show some cooling today in the 4 hr chart score.  I think we could see another day of consolidation (read decline) tomorrow before the rally resumes in a substantial way.

DJIA 4hr Chart (with Fib Retracement)

For tonight's 4 hr chart (above) I drew a Fibonacci Retracement of this last minor wave.  Today we bounced off the 61.8% level.  I interpret this as a bullish sign.  Also note that the RSI bounced off it's lower levels.  It could jump back down again, but overall it is pretty low.  The Slow Stochastic is also showing signs that this decline could end relatively soon.

DJIA Daily Chart

 The Daily chart (above) is not quite as encouraging, and suggests there is still a little more donwside possibility.  This correlates with the daily scores to suggest there is probably one more down day.  Then, we will resume the uptrend, probably Monday.  Maybe some good words out of Europe over the weekend??

GOOD LUCK TOMORROW!