Thursday, October 1, 2009

DOW 10/1: Wave 1 LD?


I know the count is a little muddy right now. This wave 3, if it is a 3, is starting to look a little muddy. We were seeing several three wave structures into the close yesterday and we now know the triangle count is out.

I haven't drilled down the tiny degrees here, but wanted to point out another possibility. If this turns out to be a LD, then a wave 2 should be a sharp retrace before we see a solid decline in a wave 3 down.

This LD may make sense because in EWP, it mentions that this structure is sometimes confused with a series of 1s and 2s, which I began to point out yesterday.

Will add to this if price continues to build a case for this count.

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