Wednesday, September 14, 2011

Wave ((d)) of Triangle Underway

Not much new to add from yesterday's post.  I just wanted to put up today's internals that support the 4th wave triangle scenario I mentioned in yesterday's post.  1.1 billion shares traded on the NYSE today and uppers vs downers and up/down volume was bullish but nothing jaw dropping.  The late day big decline is probably just wave ((d)) of the triangle getting underway which should continue tomorrow.  The range for the market should continue to tighten the rest of the week and probably into early next week before a big surge to new lows for Minor wave 5.  A good bottoming range for the S&P is the 1050-1100 area.

I'll post more as things develop or change.  Please check out yesterday's post below for an in depth look of how I view the market right now as well as the count I'm tracking.

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