Wednesday, August 5, 2009

Bye Bye Triangle



Ok, that triangle count was invalidated with price retracing into the territory of wave i of my count.

This is my alternate view. A wave ii double zz is tracing out. This will be invalidated if it breaks yesterday's high.

I am still favoring a count such as this because I can't ignore the inverted flag/pennant pattern that is playing out. It is indicating to me that we should see some type of drop lower.

I am still trading the pattern even though the internal count of the waves are still working themselves out. This count would work and fit in with the pattern so far.

Keep in mind the larger ED I mentioned earlier is still in play. I will post a chart on day later. I am still waiting for all this to play out.

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