Friday, August 1, 2008

August 1, 2008; 4th Wave is a Flat

Attached is the original S&P chart I posted earlier calling for a small 4th wave which should result in sideways movement most of the trading day. This has appeared to have been correct. Below that chart is the updated 3 minute chart showing the details of an almost text book "flat correction", which is common for 4th waves. If this wave count is correct, then we should be headed for a new low on the day very soon.

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