Friday, August 28, 2009

Thursday 8/27/09-Friday 8/28/09 1m Intraday Chart

Wave [v] appears to be nearing completion as the chart depicts. It is possible that that wave has already topped, but waves do not look impulsive from the top and there is no clear impulse since yesterday's lows. So I would expect one more surge ahead (wave (v) of [v]) later today to complete primary wave [2], the rally since March 2009. An alternate count is also shown, it is just a modification of the degree labellings. But waves are typically balanced and wave [v] is already larger than wave [i] so I would not expect this to occur.

Wave (iv) as shown is getting a bit large so keep an eye on the targets shown. If they are passed, something else is probably forming.

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