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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 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?


  1. supply and demand

  2. Hi Daneric,

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


  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. :)

  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

  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 my opinion