Wednesday, May 26, 2010

Primary count on track

So far the primary count of a wave 4 irregular flat is working out nicely. Here is what I'm watching to confirm the end of minute wave 1 of minor wave 3 (I have changed the degrees of trend).

- A move above 1080 from here means that we are in my alternate count
- Should we move down to the 1010-1030 zone and have another hammer candle on the hourly chart, then that is likely the end of minute 1 and should be confirmed with a close above 1050.
- Should we drop below 1010, then I would expect the market to accelerate to the downside and reach my 930 target in short order with an extended wave 5 and the completion of minor wave 3.
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