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Thursday, December 17, 2009

Another Squiggle Count

I think the move off the top counted very nicely as a 5 wave move.  In fact, out of all the "false start" wannabe 5 wave squiggle moves off tops of recent months, this is probably the best structure so far.

However, one option is to place that 5 wave move in a 3-3-5 expanded flat count for either Minute [ii] or [iv] depending on where your overall count lies.  But this count is very bullish in that it presumes Thursday's low will not be violated until the top is put in for good.  So in that sense its an easy one to eliminate in the coming day or so if/when it does get violated.

Also as an expanded flat, the (c) wave is quite bearish and extended so I lean that its not a flat but rather either an (a) wave of [e] or wave (i) down from the peak in the start of P3.

I think Thursday's low will get violated soon enough so this count is not on the top of the list.

As an aside, I suppose its possible to count the move down from peak as a double zigzag also because the red [1] wave of iii is quite pronounced.  But no need to suppose its a double ZZ just yet as it doesn't match up well as a double ZZ. It simply counts better as a 5 wave move. Now of course if tomorrow early is another price low....then that throws a monkey wrench in it again. (which is probably why we will have an early opening new price low - LOL)
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