Wednesday, January 20, 2010

1/20 - SPX : Why I Question My Bull Count


This chart should show why I question my Bull Count.

There have been three 5-wave structures in a row. Per EW, I don't know of any valid count that allows for this. So in this case, wave 5 may have been put in.

Remember, in last night's post, I alluded to a 5 wave impulse vs an ED count. If so, wave 5 would consist of a 5 wave structure. It is possible wave 5 completed yesterday since the move up counted well as a 5 wave structure.

Still waiting for 1130 to break though to confirm the bearish count.

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