Tuesday, September 22, 2009

Thursday 9/17/09-Tuesday 9/22/09 1m Chart

The market moved higher again today but the previous 1074.77 peak set Thursday 9/17/09 remains intact by a small margin. I expect this high to be broken.

Waves remain unclear, but some attempts at counts are shown in the chart above. Even though a rally has been underway the last two days, waves continue to be overlapping and non-impulsive. They look more like a part of a correction. So this may be wave (b) of a developing [iv] wave flat or triangle. On the other hand, waves have been quite complex already giving doubts about a continuing correction.

Tomorrow I expect higher prices, at least for the early trading hours.

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