Friday, July 25, 2008
July 25, 2008; Wave 2 Corrective Rally Closeup
Above is a 15 minute chart showing a closer view and wave count of the corrective rally unfolding. As I’ve said before, the rally is a large wave 2. It appears a “zig-zag” correction is unfolding. The count fits nicely for wave a being 5 waves, wave b being 3 waves (a-b-c), and now the wave c rally seems to be in the beginning stages which will be a 5 wave rally.
For a bigger picture, explanation of wave structure, and price target for the wave 2 top, please look at prior post I just posted a few minute ago below.