Monday, September 28, 2009

Monday 9/28/09 Market Update

Two charts are shown, a 5 day 5 minute chart (top) and a 1 minute 1 day chart (bottom). Even though wave [i] crossing was very near, the alternate and primary counts have been reversed because of the strong rally today. It is possible that today was part of a wave (ii) correction, but it was surprisingly strong to be wave c, the most likely bearish scenario. Also the waves following the top today are not impulsive, but choppy, corrective looking waves. So I expect higher prices once again tomorrow.

Looking at the market yesterday, it appeared a bit oversold. But today was certainly a surprise.

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