Monday, July 20, 2009
I hesistate to chart squiggles because there are lots of interpretations of today's moves. But hey thats what I do.
So I approached the intraday count from the perspective of what I mentioned on my update tonight: the fact that there is no discernable Minute [iv] as viewed on the bigger charts like hourly chart. Now there is no hard "rule" that says this has to be, however it would "look" better. And in EW counts, sometimes (actually often) what "looks" best makes the best interpretation. So what would look best? Some kind of Minute [iv] pullback toward the 930's.
So today I have labeled as an a-b-c (or w-x-y) rally to a Minute wave [iv] (b) wave peak. That would imply after topping early tomorrow (unless today was the top) expect a bearish (c) wave to push under 940, likely back toward 935 support thereby forming a Minute wave [iv] expanded flat.
Its just one possibility to get a "visible" wave [iv] that stands out and you say "hey thats wave [iv]....
Posted by Daneric at 7:33 PM