Monday, August 16, 2010

8/16/2010 -

7:38 AM Update

Here's one for the bears. This is a possible count that has medium term bullish implications. The red Fibonacci ratios are projections for wave C as it relates to A. Notice the 1.618 ratio, pretty close to the inverted head and shoulders target. However, C may equal A or take on a .618 ratio.

Wave B is nearly a 62% retracement of A and forms the second right shoulder. 

As of this AM the market has tapped the lower Bollinger Band. We will see if the nested 1-2 count as posted yesterday will pan out.
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