Monday, September 21, 2009

Thursday 9/17/09-Monday 9/21/09 1m Chart

On lower volume, the market moved lower in the morning hours before taking back most of the lost ground before the close. From a wave perspective, it should be clear at this point that primary wave [2] has not completed. Although it is not clear exactly what will happen in the short term, it does appear that this is wave [iv] of C of (Y) of [2], a consolidation for another move higher.

Some possible counts are shown. There are many possibilities but look for a double zigzag or corrective combination to unfold. The size of the correction will help us determine the starting point of C (9/3/09 or mid-August) so the size of wave [v] ahead is more clear.

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