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Tuesday, April 21, 2009

Intraday Count Options


Lots of possibilities. The obvious count is that it is a 5 wave structure from 826 low to today's high. It follows all the rules so.....how can you fight it?

So since the bullish is rather obvious, I have the bearish case labeled on this chart...a fancy double zig zag....ala Kenny's count although this may differ slightly in the detail. Lots of sub wave, 5-wave counts....
Lots of wedges and triangles in the subwaves. Very interesting structure today.

It certainly looks bullish like a straightforward 5 wave count....but don't the market like to fool us? A double zig zag would fool the bulls indeed because that implies more downside after the correction up is over. I have good reasons to label it as a double zig zag. There are some oddities with a straightforward 5 wave count.

But...I have no super strong conviction either way (But I am sticking with my overall primary count that 875 was a near term top and market will correct further back from here) . Maybe the market does not yet know which way it wants to break so it traces these hybrid waves....a little bullishness....a little bearishiness.......reflects the overall sentiment yes?

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