Monday, March 23, 2009

Wave 1 still alive? but no way to know till a lot later...

Here is a count from GBT and Rob46 over at StockTock.com. This alternate count shows that we are in wave 4. But this one has an extremely high target (around 91.1 for a 38% retrace). My thoughts are that it will be hard to distinguish this count from a primary wave 2 count for quite some time. I don't see anything wrong with this count and it looks fairly natural. KUDOS to GBT and Rob46 for sharing this with us...wished they would have shared it sooner :-P

The daily stochs are still way overbought, so I expect some pullback soon.

1 comments:

Livermost said...

Nice Charts! Good to know about the VIX too, had not noticed that today amidst all my hand wringing!