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Tuesday, April 21, 2009

Intraday Count Options


Lots of possibilities. The obvious count is that it is a 5 wave structure from 826 low to today's high. It follows all the rules so.....how can you fight it?

So since the bullish is rather obvious, I have the bearish case labeled on this chart...a fancy double zig zag....ala Kenny's count although this may differ slightly in the detail. Lots of sub wave, 5-wave counts....
Lots of wedges and triangles in the subwaves. Very interesting structure today.

It certainly looks bullish like a straightforward 5 wave count....but don't the market like to fool us? A double zig zag would fool the bulls indeed because that implies more downside after the correction up is over. I have good reasons to label it as a double zig zag. There are some oddities with a straightforward 5 wave count.

But...I have no super strong conviction either way (But I am sticking with my overall primary count that 875 was a near term top and market will correct further back from here) . Maybe the market does not yet know which way it wants to break so it traces these hybrid waves....a little bullishness....a little bearishiness.......reflects the overall sentiment yes?

5 comments:

  1. supply and demand

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  2. Hi Daneric,

    If the bullish case prevails, what's the next target for a top?

    Thanks.

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  3. Dude, are you trying to confuse us tonight? You seem to be sitting on the fence? My Daneric-ology translator is not working tonight. :)

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  4. if you look at da $SPX foocherz, last 2 days action may qualify your for a grand prize of 5 waves aka impulse down( A or 1?), which makes today as A of B(or 2) or B(2) with C(or 3) to come soon
    http://forkoholic.spaces.live.com

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  5. Nobody really knows what's going to happen next, but my guess is that there is a huge wave 3 rally coming soon. If Monday's selling wasn't just profit taking then the market would be heading south in a hurry. The fact that it's not is very bullish....in my opinion

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