Thursday, December 31, 2009

12/31 - DOW : EOD Count and H&S



Remember this count from earlier this morning?





Lookie where she went.


The last bullish option


It's nice to see a H&S pattern I call play out for once. My gut tells me we have topped but until I see 10263.97 get taken on the DOW, there is still a possible bullish count that remains. Granted this last bullish count assumes we only have one final wave five move higher and then she comes crashing down.

For this bullish count, wave [iv] may not quite be completed yet. There still is room to head lower.

So my guess starting next year is we head lower to complete [iv] and possibly rally to complete [v].

But again, my gut tells me we may have topped so I won't be surprised either if the trend has changed and we head much lower. I'll post a bearish count later.

HAPPY NEW YEAR to all!

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