Friday, July 17, 2009

No Surprises, yet

Today's tight range was the nothing out of the ordinary for an opex day. What isn't clear here is if our w4 completed today or not. If we break today's high on Monday, then my most likely count would be that w4 completed today (a triangle) and w5 should complete Monday. Since the pullbacks have been non-existent, we should get the first real pull back after the 5th wave completion. However, should we break today's low before moving to new highs on Monday, then today was likely only part of w4 and we should see the finish of w4 on Monday/Tuesday.

Here are my targets:
w5: new highs Monday Morning: 945-955 (w5=w1 / w5=w1*.786)
w4: lower low Monday Morning: 920-930

Once we complete w1/A (target 945-955), then the wave 2/B target will be 915-920 (area of previous w4 and 38.2% retrace).


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