Monday, August 13, 2012

8/13/12 - EOD Update

This is the best way to count this right now with that triangle forming up top. 1419-1420 makes wave c of Y = 1.618* a of Y. This would also create a double top with the April 2012 high.

-ve divergence continues to build so the move out of the triangle could be just a quick pop if not an outright failure.

Here's the old diagonal chart I've posted several times in the past few weeks. The retrace has been steep and has hit the 90% retracement level.
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