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Friday, August 21, 2009

After the Bell, update



Another wild day, I was going to talk about my Bullish charts today, but everyone else already has, so I will take the contrarian position and lay out my bearish side. I have been labeling this rally as an extended 5th for a couple reasons, first, is the proximity of the resistance/trendline, there just is not much room left for us to be in a 3 of 3 count without breaking it. The second reason is the description of an extended 5th in Elliott wave Principle, on page 80. The power of the 3rd wave of the 5th, is stronger then the 3rd wave in price action and change (speed), it fits very well with the gap in there. This is just an option that I have, and really is a possible option, it would catch many by surprise!!
In the longer term, this count also fits very well, with a full 5 waves almost completed for the "C" wave, finishing up P2.

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