guest commentary

$Compq- 3110 target hit and confirmed

We hit my 3110 target on 1/2/13 and confirmed it on 1/3/13- see the following 35day daily chart.

The chart shows waves 1,2, and 3 in bold complete up to a high so far of 3118 set yesterday. The fall down to 2951 on 12/27/12 wiped out the former subwave 2 at 2958 set 12/05/12. We are in the process of forming a wave 4 down from 3118 and have gapped over my new subwave 3 target of 3077 (subwave 1 start at 2936 to the center of subwave 2 at 3006.5 projects a 3077 target). I would expect us to eventually tag 3077 but if the gap holds, and today's 3091 low so far is our wave 4 low, then wave 5 up targets 3398 (wave 1 start at 2811 to the center of wave 4 at 3104.5 projects a 3398 wave 5 target). The subwaves are projecting a lower target if the gap holds- wave 1 start at 2936 to a virtual center of wave 4 at 3077 is 141 pts + 3077 projects a subwave 5 target of 3218.