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Tuesday, October 6, 2009
After the bell, update
I wanted to add this, we have been talking about Head and Shoulders all day in the CiL, this could be Bullish and still make a nice right shoulder with the A-B-a-b count with it in "c" of "C" now. It would pretty much not make a new high, but be a failed final wave for P3, after testing the Trendline from 666, now resistance.
Also notice the trendlines drawn from 666, every time we have added a new one, the market has been unable to recapture the old one, that support, turned into resistance every time. That starts making that Head and Shoulders look even more probable and would fit nicely.
The Bearish 1-2,1-2 count is alive, but on life support with not much more left to the upside to invalidate the count. We would need a large gap down in the morning to keep any hope alive for the count.
We ended the day at 3.9:1, advancers over decliners, on heavier volume then yesterday, but not quite to the levels of the sell-off last week.