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Friday, March 6, 2009

Missing 9th wave?

The market is due for a bang-up rally. But these charts show some potential unfinished wave 3 of (5) business. Here is the deal: Any move over 700 SPX would be market bullish and would invalidate this wave count. On the same hand, any move under 675 and you can expect new lows to come. Why? If this was the true rally, it wouldn't be giving up 50% already and wouldn't slip back under support (675). Volume will be key and watch premarket....


5 comments:

  1. Dan:
    Kenny has posted on his blog that 3 (5) is over with. Do you have this as an alternate count in your analysis? If so, what probability would you give it? TIA

    BTW, love the blog. Thanks for all your contributions here and on the SKF board. Much appreciated.

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  2. Yes it is a close alternate. A move above 700SPX would confirm it I think.

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  3. I added ur blog to my favorites, on my blog as well.

    Whats ur e-mail, i gotta send ya somethin....

    ReplyDelete