Thursday, February 10, 2011

Count update

So we got some kind of correction off of my top labeling. So far nothing of significant size. The top label is either the end of our pattern or it was the end of subminuette 3. If that is the case, then we should see some more bouncing around but buyers should keep price above 1310. We're getting very close to that number in the futures, so it should be interesting to see.

A bearish count would see yesterday's price movement the end of a wave 2 irregular flat. Today's gap down will be an acceleration wave 3. Keep that in mind as price action unfolds.
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