BACK TO REALITY

Today's HSIF topped at 17979.
Head & shoulders' target points to 20,000+. Very optimistic, right?
To my opinion, economic condition of the next quarter has been totally reflected. Its time for investors to see whether anticipated recovery comes or not.
17979 - Could it be a top also in June & July?
My prime wave count shows that it is.
Wave 1 of the new bull market was already finished on the 11 of May at 17556 and retraced to 16202 to finish a of A on 18 May. Then it rebound to today's high 17979 to make b of A. c will bring market down to at least 16,000. The whole correction will target near 14,000. Duration 21-34 days hopefully on 23-7-09.
Well to notice is that July is the 21st
Month of Oct-07 Top. June is a month for profit taking.

END OF WAVE 1

HSIF made a new high since last October to 17155 together with huge vol. of 100B contributed by late comers and massive crowd. As the mass is always wrong, so its a good time to apply the contrary theory.
In term of wave counts, today's top
might be the end of a 5 waves up (5830 pts) expecting a correction to
14,000 is possible.
For alternative wave count, a 335 regular flat is finished and just up to the area of minor wave 4 of 3. The wave 5 of C will bring market to new low.
Personally, I strongly believe that 10565 was a low to this bear market. I would like to buy again at 14000+.
Good Luck