Monday, October 19, 2009

Monday 10/19/09 Market Update

The market rallied today with prices remaining in the channel established 10/6/09. This channel is shown above. Prices breaking below the lower line will be a signal that another wave is beginning. If the above count is correct, this should be wave [iv] or (iv) of [iii].

Some ideas of the structure have already been shown by Dan and Kenny but there are other options. We all agree that at least a small correction should happen sometime soon. But the larger formation is not clear at this point.

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