Wednesday, October 27, 2010
I've mentioned that I've kept an eye on several counts as i've tried to speculate where the market may head.
The chart posted above is an update to the count I posted back in May using TOS. You can see these alternate counts here. The link is also at the top of my blog.
I believe an expanding diagonal in the 5th wave position like this is a very bearish pattern.
Does wave c of 5 stop shy of the blue trendline or are we headed for it?
Here's the Updated Strategy Desk version.
Feedback and comments are welcome on this count.