Tuesday, May 25, 2010

The bulls are playing with spirit...

Not willing to give up the game even though the opponent appears to crush every rally, the Bulls gave it another go this morning when the market opened below Friday's low as a reward to all the late day buyers on Monday. There are several different bearish possibilities with the one bullish option on the table that today's low was the bottom of the correction, and we go straight up from here.

My primary count is that we are in a minuette wave 4 irregular flat with the highs coming in tomorrow.

My secondary count is that we finished a minute wave 1 at today's low and we'll now rally the rest of the week in minute wave 2 closing a number of open gaps. If the market can get past 1100, then the odds are high we are in minute wave 2.
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