Tuesday, August 18, 2009

Another Perspective

Sometimes I find myself so caught up in trying to read the squiggles I end up getting lost. Taking a step back helps put things into perspective and helps to identify what the pattern may be.

At the 30 min level, the structure from yesterday's low up to today's close looks like a pretty clean expanded flat. That's it. Forget all that squiggle mess. Wave C is just shy of Wave A x 2.618.

Per EWP guidelines a clean zigzag would have helped confirm that this was more likely a wave 2 of some degree rather than a wave 4.

So tomorrow I am expecting a wave 5 or 3 to start and my first target will be somewhere along 965. If I start to see more zigzags, I will assume there is a little more correcting to go.


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