Thursday, August 13, 2009

Wave B Triangle for Minor B? Continued...



Update: Keep in mind, it is reasonable to say that Wave D may not be complete yet either. The best thing to do is watch the price as it approaches the apex of the triangle. And I will add, Wave E could very well end tomorrow at the open.

Dan has a count, which I had considered as well but did not chart. I would almost feel more compelled to go with his count because it does count better.

http://1.bp.blogspot.com/_TwUS3GyHKsQ/SoR24SSJFAI/AAAAAAAABXk/23_rNCC6gNk/s1600-h/spx5.png

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It appears Wave E of this triangle may need a little more time to develop. I believe the 'a' leg of Wave E just completed.

EW aside, just looking at the pattern starting from the 1018 high on 8/7, the structure is starting to look like a bear flag with a downside bias on tap.

We will see what happens tomorrow.

2 comments:

  1. Thanks Shonek. We will see if this call is truly correct next week if we head lower. Or it would have just been a coincidence that my call worked out. Good luck!

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