Thursday, August 20, 2009

Wednesday 7/19/09-Thursday 7/20/09 1m Chart

The market pushed higher again today. The TRIN closed at 0.51 and was well below 1 the entire day indicating the volume in advancing stocks was healthy and outpaced the volume in declining stocks. This was the same situation on Tuesday. In addition, the rally since 8/17/09 looks very impulse at this point so it is likely that B has bottomed and C of (Y) is underway.

[i] of C may have topped as the count in the chart above shows. (v) of [i] does look small especially compared to (i) of [i] ((v) is just over 38.2% of (i)), so (v) may be extending. Early price action tomorrow will give more clarity.

Another creative impulsive count since 8/17/09.

[x] of B has been completed or is completing.

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