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Tuesday, September 8, 2009

After the bell, update

Surprising that today was so slow, the day after a three day week-end, and all the traders back from the summer and the Bulls could not get much done, all with low volume. If volume does not pick up soon, the odds of a sustained rally really start heading down. The inter day count is pretty basic and textbook, with one more small wave to complete, to give us a full five waves up.

The bearish option is still on the table, but as time goes on seems less likely with the way the European and Asian markets have rallied the last couple of days. You can check my charts for the counts I think are the most likely at this point.

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