Thursday, September 3, 2009

We're looking at our first w4 as a flat

When we burst lower today I thought for sure we had resumed our downtrend only see prices hit a brick wall near the overnight lows and the previous lows. From there everything is tracing out to be a nice flat correction. I see upside very limited past 1005.


  1. Curious as to your thoughts here. I thought Friday was a light volume backtest. Lowest volume since Jan. 2 on many stocks and ETF's.

  2. Hook,

    You are absolutely correct. While the move on Friday messed up my wave count, I still believe we will see at least lower prices next week. Unfortunately, without massive selling next week, it is likely just another correction and higher prices will be coming later.

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