A really slow and boring day, a 4th wave at its finest, a day where a nap would be beneficial. It looks like we started a 5th wave at the close and I have a target around 990, there is some strong support there, and the next spot would be 980, at a previous low. I am still keeping an eye out for another set of 3-4's, but so far this looks like the last one for this wave. Still up in the air if this was indeed the first wave of P3 down, or a correction for P2, there are quite a few valid counts around that show more upside and higher highs out there, including one that GV posted on his blog this morning. I am going to play the market one day at a time with very tight stops and wait for Mr. Market to tell us that we are really in P3.
Wednesday, September 2, 2009
After the bell update
A really slow and boring day, a 4th wave at its finest, a day where a nap would be beneficial. It looks like we started a 5th wave at the close and I have a target around 990, there is some strong support there, and the next spot would be 980, at a previous low. I am still keeping an eye out for another set of 3-4's, but so far this looks like the last one for this wave. Still up in the air if this was indeed the first wave of P3 down, or a correction for P2, there are quite a few valid counts around that show more upside and higher highs out there, including one that GV posted on his blog this morning. I am going to play the market one day at a time with very tight stops and wait for Mr. Market to tell us that we are really in P3.
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