Monday, June 29, 2009

Monday 6/29/09 1m Chart

There was short rally today before a trading range formed between 924 and 928. Volume was light but this is an abbreviated holiday week. It appears that there will be slightly more upside at some point tomorrow, perhaps the correction will conclude around 930. Keep in mind that 930.49 is a 61.8% retracement of the decline from the 956.23 top but we are already sitting at important resistance. Dan gives some Fibonacci targets but they are all clustering in this area.

The sideways movement can be interpreted in a variety of ways. Labeled above is an ending diagonal [5] of iii wave with a double zigzag iv wave following. iv could also be a triangle not yet completed.

The [W] wave of iv looks odd, it is hard to make any nice structures out of it.

Any creative patterns that can be made out of the sideways action today such as a triangle or other corrective combination. Keep in mind that iv is already wider than ii.

This is not a correction but the market is impulsing from the 888.86 lows. Unlikely as discussed in previous posts.

Not in the X wave of a double zigzag but in another correction still forming.

Degrees may be off.

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