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Friday, October 16, 2009

Squiggles


I would think the squiggles count best as a 5 wave move up today. So I will assume thats exactly what it is. There exists a 2 point gap above and a 5.5 gap down below 1080 support.

Today was a solid test of that 1080 support and it appears that the market can now chug higher to whatever its near-term destination is.

My squiggle chart of course is supportive of my overall larger count and that the final squiggle moves of P2 higher are about to occur. Closing the 1100 breakdown gap from a year ago and then give it all up.

But we will need a solid 5 waves down at least at Minuette degree to have any confidence the market topped for P2 or even for the Intermediate term.

So the count I have us running out of room. 1108 really shouldn't be breached to the upside or else the count has structural problems.

There exists significant resisiatnce from 1097 - 1106 so getting the market above that range and then stepping even higher will take a great deal of upside volume I would think. Not sure it is capable.

If Monday gaps down below 1080 support, then something else is obviously going on.

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