Thursday, October 22, 2009

Thursday 10/22/09 Market Update

The market moved down briefly in the morning before gaining about 20 S&P 500 points in an impulsive fashion. The Dow Jones Industrial Average closed above 10000 again.

Above is a 1 minute bar chart of the S&P 500. I believe there is still more upside ahead. There are still various small and intermediate scale alternates, some of these are shown in the chart above. The two most likely options are are still the same, within wave [iii] of C of (Y) of [2] or A of (Z) of [2]. It is possible that wave C of (Z) of [2] is underway.

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