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Monday, October 26, 2009

Squiggles


This squiggle chart is just a guess. There really isn't enough evidence to piece together anything solid.

However a few structures stand out:

1) Perhaps today's opening run-up was a [C] wave of a wave ii peak in an expanded flat. Because after that, we had some hard impulse selling downwards.

2) It looks like an ED wedge at the end of today so I'll label it as such. That would imply a rebound opening to at least backtest my blue neckline perhaps.

3) The mini "third of a third" intraday gap down stands out pretty well.

But overall, if its not a series of 1's and 2's as I have here, and it is all corrective in nature from 1101, its going to be one hellava rebound to get above 1100 again and the overhead resistance.
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