Thursday, September 3, 2009

We're looking at our first w4 as a flat


When we burst lower today I thought for sure we had resumed our downtrend only see prices hit a brick wall near the overnight lows and the previous lows. From there everything is tracing out to be a nice flat correction. I see upside very limited past 1005.
Posted by Rich at 5:34 PM

3 comments:

  1. The HookSeptember 5, 2009 at 3:55 AM

    Curious as to your thoughts here. I thought Friday was a light volume backtest. Lowest volume since Jan. 2 on many stocks and ETF's.

    ReplyDelete
  2. RichSeptember 5, 2009 at 11:41 AM

    Hook,

    You are absolutely correct. While the move on Friday messed up my wave count, I still believe we will see at least lower prices next week. Unfortunately, without massive selling next week, it is likely just another correction and higher prices will be coming later.

    ReplyDelete
  3. ErikSeptember 6, 2009 at 7:35 PM

    This comment has been removed by the author.

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