Wednesday, October 21, 2009

Wednesday 10/21/09 Market Update

After a rally today, the market closed lower. The wave formation is not entirely clear, but a corrective 4th wave flat of some degree may be completing. Some options are shown above in the 1 minute bar chart. There are many possibilities.

On a larger scale, the wave [iii] of C of (Y) of [2] appears to be underway. If this is not correct, wave A of (Z) of [2] may be underway. If either of these are correct, more upside can be expected in the weeks ahead.

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