Wednesday, September 30, 2009

False starts...

By 10:30 it looked like (iii) had started, by 12:40 all hopes of that were dashed as SPY penetrated what was labeled with a green i before. Now the chart is all messed up and many counts are possible. The fact that it is a triangle points to two distinct possibilities. This could be a small wave 4 before the final small wave 5 up of P2. The other possibility is that this triangle is minuette ii of P3. Because of the triangle I give those two counts the highest probability.
The third is that the impulse down at 2:45 started a subminuette wave 1 down and the bounce up at eod was wave 2 up.

Still has not crossed...but the time draws near. How long can we maintain these bullish levels?