Thursday, August 7, 2008

August 7, 2008; S&P 15 Minute Chart Possible Count

This count I like better because it doesn't really conflict with any EWP rules. However, it basically has the same result anyway. Another scenario has a triangle forming in a B wave. I hope this is not the case because it would mean we have weeks before wave 2 up ends. If that appears to be unfolding, I'll post a chart with the wave count.

As for this morning, we're seeing the weakest breadth we've seen the past few trading days. NYSE down volume is about 65% of all volume. It's still early so we'll see if it picks up. I want to see it get to 90% volume to the downside before I even start to consider wave 3 of (3) down is underway.

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