Sunday, October 18, 2009

Friday 10/16/09 Market Update

It is good to be back.

Two possible Elliott Wave counts are shown in the 30 minute bar chart above. The primary is basically the one seen on Kenny's blog and the alternate is the one that I suggested a few weeks ago. Both are very possible and are very similar; they both require a correction then an impulse to unfold after the impulse since 10/2/09 completes. So I expect a continued rally within [2]. There may be other counts.

In the short term, I like Kenny's count that was posted 10/17/09 even though the "3rd of a 3rd" wave looks a bit weak. If prices soar or plunge then new labellings will be needed. But I agree that lower prices should be reached tomorrow.

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