Friday, September 4, 2009

Monday 8/31/09-Friday 9/4/09 1m Intraday Chart

The market did correct after another push higher, but after yesterday's highs were broken, it was clear that waves (iv) and (v) of [i] had already completed. This was mentioned as an alternative yesterday, but it probably should have been the primary.

[ii] appears to be underway and is showing strength as predicted in an earlier post this week. It appears (a) has completed its 5 wave structure with a small (b) wave following. Given the size of the rally in the last 30 minutes, it appears (c) is underway but an alternative is shown. It looks like wave (c)'s "3rd of a 3rd" wave has completed, so expect (c) to top very soon if the count is correct. This would end [ii]. Waves are not well proportioned with the primary count shown, but [i] has been sufficiently retraced.

Some targets are shown. In blue is the extension of wave (a) from the extreme of (b).

blog comments powered by Disqus