Friday, July 17, 2009

Friday 7/17/09 1m Intraday Chart

The market is correcting today as expected but the market remains strong. This correction should be wave [iv] which still has not reached the (iv) of [iii] territory. In fact wave [iii] has hardly been retraced and is still not even close to being 23.6% of [iii]. So expect the correction to continue into Monday unless the market really drops off and form 5 waves from (b).

The decline yesterday afternoon into this morning looks like a clear 5-wave (a) wave. So (c) should also be five waves completing a wave [iv] zigzag.

The extension of wave i is shown in purple, targets for (c) are shown in blue (the extension of (c)). 926.83 (not shown) is 161.8% of (c). (a) may also end up being 78.6% of (c), that is another target around 930. Also 927.5 was the lowest point the (iv) of [iii] triangle.

[ii] was a zigzag pattern.

x is not clear. It does look non-impulsive so it's not really a problem.

A triangle is forming where (a) is really three waves.

The zigzag is the first wave of a double zigzag.

This is the correction of a different impulse.

i and ii of (c) are really [1] and [2] of (c), respectively.

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