Monday, June 29, 2009

Friday 6/26/09-Monday 6/29/09 1m Intraday Chart

Friday's action was clearly not an ending diagonal. I tried to label it as a 5-3-5-3-5 leading diagonal but it does not appear to be one. It was reverted back to the count of the first chart posted Friday.

If this count is correct then the market is completing wave iv of (c) of [y] of X, the same idea as before. There are alternate counts for the sideways action but notice the zigzag waves. Also note that 930.49 is 61.8% retracement of W and is a nice resistance level.

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