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Friday, August 28, 2009

Friday Updated Squiggles



2 charts of squiggles:

Option 1) If we were to count the waves as I have them in the NASDAQ charts, the market has topped. Just apply the same counts to the SPX and the SPX would have topped also.

Option 2) If we were to assume that today's top is just a Minuette (iii) and we have one more push to go, then use the SPX count and apply it to the NASDAQ.

Option 3) [Not shown] Todays top was just pink Minuette (i) of [v] and now a Minuette (ii) deep correction is occurring. That implies more upside after the Minuette (ii) finds its low and would run into next week to finish out the entire Minute [v]. This count would look funny because it seems a bit out of proportion perhaps with the rest of Minor C. But we have to include it in the realm of possibilities.

Option 2 has problems in that black corrective wave ii and black corrective iv are essentially the same corrective. That violates the general rules of alternation within structures which is what gave me pause to try and come up with something different. So hence I made the NASDAQ take into account for this and made them part of differing degrees.

I actually like the NASDAQ squiggle chart a lot. But I am a permabear so I may be biased that the top is in. However I do have good reasons for making it count that way at least!
So be nimble out there. "The" top may be in.

In any case I won't be posting this weekend or tonight because I'm taking a weekend trip out of town. However I'll be back Sunday night and will likely post an update then.
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