Friday, July 31, 2009

Thursday 7/30/09-Friday 7/31/09 1m Intraday Chart

The market is moving down within a trendline and still does not look particularity bullish in terms of wave structure. However, impulse waves to the downside have been retraced heavily giving doubts about this really being wave B as opposed to a correction within wave A.

Because ii of (iii) does not look impulsive it appears the market will remain in a downtrend. The market will need to start breaking down soon to work with this count without wave crossing. This means the market is winding up within this "point of recognition". If it does not move well into the 970s soon, something else is going on.

Waves are not proportional, but that is true no matter the count.

A large leading diagonal may have formed.

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