Sunday, June 14, 2009

Friday 6/12/09 1m Chart

The chart from Friday shows a bullish scenario that would result in a "3rd of a 3rd" gap up on Monday. This is my primary count and puts us in minute [iii] of minor C of intermediate (Y) of primary [2] as Dan has talked about. Other ideas for primary wave 2 are also in play.

A double three is shown midday with a triangle ending it. There were many zigzag based waves so a triangle in this sideways movement makes sense.

I am not fond of the (i) wave as an impulse here as its iv and v waves look small. Also the ii wave of (iii) looks like an impulse down, not a zigzag.

A double zigzag correction with the sideways action splitting the zigzags or a single zigzag with a wide correction between the impulses. The rally at the close makes me wonder about these scenarios though.

Perhaps the count is correct but ii has not yet been completed, perhaps it is a flat needing an impulse down Monday morning.

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