Friday, August 8, 2008

August 8, 2008; Big Rally This Morning

Well this is definitely not wave 3 of (3) behavior with the market up 200 points right out of the gate. And for no reason of course........oh wait, oil is down, so the media can give us that excuse. With the big rally this morning it looks like a 3 wave drop occured yesterday, and the rally this morning looks very impulsive. This is a very bullish wave structure. As long as Wednesday's high remain intact (1292 S&P cash) then the triangle scenario in the post just below this one is still in place. If by some miracle, wave 3 of (3) is underway, then the market better go on a monstrous historical-type reversal in the next couple hours.

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