This gets pretty tricky as quite a few possibilities exist for the TSE (does not matter for the overall direction). The idea of a large a-b-c correction has to be discarded on the grounds that the b-wave has 5-waves internally and that just cannot be, so the preference at this stage goes to a 1-2, 1-2 scenario, which makes a lot more sense if you look at the Dow Jones (and the S&P, not shown), on the right. Today’s stellar performance supposedly has something to do with Mr. Trichet, the head of the European central bank, getting on a plane on his way to “solve” the Greek problem – a news bite that nobody yet knows what it means and presumable could be reversed on equally flimsy grounds.