Thursday, September 17, 2009

Friday 9/11/09-Thursday 9/17/09 1m Intraday Chart

If the market is following the count presented yesterday, the market may have topped at 1074.77 this morning. There appears to have been a channel throw-over with a sharp sell-off following. That sell-off had impulsive characteristics and overlapped many waves coming down. It may be another 4th wave (or even 2nd wave) if prices continue higher, perhaps (iv) of [v]. The bounce after the 1067.5 level was quite strong, and the sell-off can be seen as a zigzag so prices may drift higher once again. But remember that a rally like this cannot be sustained forever and will come down at some point.

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