Wednesday, June 2, 2010

Alternate count it is...

Today's open was the big give away on where the market wanted to go. It tried to close the gap and failed (as predicted), and then took out the daily high and steadily moved up from there to put in a a big up day. From here we have a few different options:

Primary Count:
We are currently in wave A of Y. Forecasted target is somewhere between where we closed and 1107. From there we get wave B of Y that should be a 20-25 pt correction. And then wave C of Y to finish up minute wave 2 in the 1120-1130 range with an upside target of 1145.

Secondary Count:
We are currently in wave 1 of C. Instead of a zigzag we're going to get a standard 3-3-5 correction. Wave 1 should top like wave A, but the difference is that there is a better chance of hitting the upside target.

Bullish Alternate Count:
This whole move off of the flash crash low was "THE" correction and after the bulls take out 1145, 1181 will fall and we'll get several more weeks of buying. The world is once again a happy place, and the economy has pretty much recovered. If you're not working, well, then we'll just not count you in the statistics...
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