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techcharter

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techcharter

Re: None

Sunday, 05/23/2010 10:08:46 PM

Sunday, May 23, 2010 10:08:46 PM

Post# of 51808
SPX - INDU E-waves Challenging

Friday was definitely corrective. The rally made it close to the 38% area. The price is just under the upper intraday down sloping channel line from about May 13th.

The question is: Which degree did Friday correct?

Judging the channel lines, and the principle of alternation the wave count would be wave 5 down on Monday, and corrective rally the rest of the week for a wave which started at the SPX 1170 area.

The next more agressive count is Friday was a smaller degree wave 2, and next week will just bleed with more wave 1-2 combos, or finally unleash wave 3-3-3...
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