Monday, July 13, 2009

A ZigZag With a Sub-Minuette Diagonal

It appears that wave 'c' of the zigzag is nearly complete and with that B2 blue. SPX was able to close above the neckline today. Will it be able to hold?

I have a feeling we may be heading lower from here once GS releases earnings tomorrow morning and begin wave C2 blue. Nothing has fundamentally changed for the market as a whole except for the fact that Meredith Whitney was bullish on GS short term. I think everyone just needed a reason to be bullish today.


  1. thanks for the alternate count. one question - what would undermine this count?

  2. It looks like that was only wave 3 of C ending right there, but I like your count.