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Wednesday, July 1, 2009

The Bullish Count


Someone asked me if I have a bullish option count. Yes I do, the bullish option is that 888.86 low was the Intermediate (X) wave low and that the rally since then was a slow-starting move up of the next giant zigzag to P2 peak somewhere north of 956, preferably toward the 1000 mark or above.
I don't yet have a solid count for the up moves that match all indexes (DOW is a tougher one). They don't have to match of course.
The next short term bullish option is that the market is tracing some kind of flat move and the 950's will be revisited. Or a Y wave http://danericselliottwaves.blogspot.com/2009/06/looking-for-blue-y-wave.htmlcan take the form of a running triangle which has an upward price slant. So once again, we can only take this one subwave at a time.
But I do want to show you what the true bullish option is, and that is that 888.86 is the low.
And as I said several times before, if P2 is not over, and logic holds that we are looking for another move up toward 1000, there stands an excellent chance that 888.86 will hold as the recent low.
A blue Minor Y wave running triangle would be a tricky set of waves to anticipate.

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