Thursday, August 13, 2009

Thursday 8/13/09 Market Update

The market closed higher today while continuing to show impulsive waves to the upside. However volume since the 1018 peak on 8/7/09 has been noticeably lower on the S&P 500, Dow 30, and NASDAQ indices.

The count I showed yesterday is still valid although the degree labellings may be off. The market appears to be in a wave B consolidation phase and may be tracing out a flat or a triangle. I would expect the market to exceed 1018 while completing one of these patterns but that is not a requirement. Dan posted a possible count but the triangle shown may or may not be forming. If not, the market is already completing wave (c) of [b] as shown.

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