So far things are still OK, with the wave 4 playing out today, I am watching it closely as it is retracing beyond my comfort level(4 of 3 of the last wave, one degree smaller). The option of a completed a-b-c, down is still valid, as is the slight possibility of the sell-off being completed as a five full waves down, with an extended 5th(I do not like the look of this option). Also possible, another 1-2 being built, but this would be extremely bearish, and unlikely.
Thursday, October 29, 2009
Thursday Updates
After the Bell, I am really starting to consider that the best option right now might be the first wave down has finished with an extended 5th, and now we are in wave 2 up. I am seeing mixed signals on all the indexes(Russell and TRAN were really weak today), and on the indicators. I am going to wait till after Stockcharts updates the daily charts and see if there are any more clues in there to help figure what is the most likely option at this point.
So far things are still OK, with the wave 4 playing out today, I am watching it closely as it is retracing beyond my comfort level(4 of 3 of the last wave, one degree smaller). The option of a completed a-b-c, down is still valid, as is the slight possibility of the sell-off being completed as a five full waves down, with an extended 5th(I do not like the look of this option). Also possible, another 1-2 being built, but this would be extremely bearish, and unlikely.
So far things are still OK, with the wave 4 playing out today, I am watching it closely as it is retracing beyond my comfort level(4 of 3 of the last wave, one degree smaller). The option of a completed a-b-c, down is still valid, as is the slight possibility of the sell-off being completed as a five full waves down, with an extended 5th(I do not like the look of this option). Also possible, another 1-2 being built, but this would be extremely bearish, and unlikely.
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I have been stoppin by for ~1wk now.
ReplyDeleteGreat charts !
Uszly
Thanks, Uszly!!
ReplyDeleteHey Col, I went with wave [ii], check out my count, I just added my Renko too. But, it is perplexing, my 10min renko says it's wave iv of [i] and my 5 min Renko say's it's minute [ii]. battle of the renkos!
ReplyDeleteYea, it is mixed signals right now
ReplyDeleteA-B-C correction off 1101, I think so. Bulls back in control. :-) 1120 to 1130 target by Nov 9th.
ReplyDeletehttp://pugridironsma.blogspot.com/2009/10/oct-29-2008-eod-update-bulls-take-back.html
http://tewp.blogspot.com/ theres our count
ReplyDelete