Sunday, September 12, 2010

Friday 9/10/10 Market Update


The completing triangle wave [x] idea presented in Thursday's update and earlier last week remains valid. At this time, it appears that wave (d) is nearly complete.


An updated set of labels for [x] as well as a more simple labeling of (d) can be seen above. A rising wedge wave c appears to be unfolding at this time. An ending diagonal makes sense in this position given the large, swift advance (wave a) preceding current prices.


One way of labeling an ending diagonal is illustrated above, although it is also possible [3] is underway (this is the best alternate). Considering breadth and price patterns, the view above looks sound. If the count is correct, tomorrow there should quick move up to 1114 (with potential to move higher by a few points) followed by a sell-off that will be the beginning of wave (e). (e) should take at least the majority of this week to complete.



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