Tuesday, March 2, 2010

I count 5 waves complete

The price action lines up nicely at today's high. I have put a bow on it and am placing it on the shelf, so as long as the market doesn't make me take it off, I'm a happy camper. My biggest question from here is what will this next wave look like. Of course, I'm expecting a hard charging move down, so if it doesn't come, then you know the bear case is in jeoprady and the bulls have more staying power. Tomorrow we should have a range expansion day: 20+ points from high to low (including any gaps we may get that do not fill). Let's see if the ADP report can kick it off in the right direction tomorrow.

Until then I've included the 5, 15, and 60 min charts. Also, I had some questions on wave counting, so I've also included my notations on the 15 min RSI(5). Enjoy!

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