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Thursday, October 1, 2009

Squiggle Count

Ok a lot of you will have exceptions to some of my labeling. Particularly the funky expanded wave ii running flat with truncated [C]. But ignore that and look at the Minuette (iii) target which, if one uses the orthodox low of 1045.85, you come up with a 1014 low.

That 1014 low aligns very nicely with hitting the trendline in non-log scale

I will be betting that any gap down tomorrow will be covered or any gap up will be covered to the downside. But thats based on my imaginative squiggle count.

A backtest of 1040 seems a possibility tomorrow. Then failure to recapture would be very bearish and maybe result in more selling down under 1020 either late tomorrow with Monday follow-through.

Just thinking out loud here with a squiggle count.
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