Tuesday, June 22, 2010

Wave (iii) May Have Started Today

I've been moving to another place the past few days and haven't had internet or cable access. Tonight I'm finally up and running and saw what the market did today and am quite pleased as a bear. I'm sorry I can't post a count or chart right now but will try to do so tomorrow morning if I can. The market rallied in a 3 wave (abc) structure for wave (ii) of 3 of [3] or C. It made a clear 5 wave pattern for wave C and reversed after just breeching the 62% fibonacci level and has found support at a minor support shelf around 1106. If this is a wave 3 at multiple degrees like I suspect it might be, then there should be little mistake about it. The market has been practically churning sideways for the past few weeks. If we're in the wave 3s that us wavers are looking for, then the market needs to get going to the downside and start acting like wave 3s. I expect heavy selling tomorrow, otherwise wave (ii) probably has a little further to go.

I'll do my best to post more thorough updates with charts as the week goes on and I get more free time.

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