I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Wednesday, August 12, 2009

Ruhh-Rohh NDX and COMPQ Make New Highs

I had in my previous posts holding Aug 4 as the end of Wave A. This is because there was an ending diagonal in play on all 5 indices (SPX, INDU, NDX, COMPQ and RUT) and there was a Wave E overshoot on the diagonal on all 5 with new highs all on 5. Subsequently the "leaders" (NDX and COMPQ) failed to make higher highs than Aug 4. So I keep counting the recent action as part of Minor B.

..... Well, today NDX and COMPQ made higher highs. I therefore have to concede that we are most likely in Wave A still.

Here is a count that works on all 5 indices. I don't love the count, I need to refine it a bit (this was the closest to me old count), but you get the idea. I think SPX will make a higher high today or tomorrow.

... yea bulls. whoop-de-dooo. ... :)

**edit 3:32 -- In thinking about the chart more. Orange 3 (Minute Wave) needs to move up to where I had the old Wave A peak (Aug 4) and Orange 4 need to move to the low yesterday
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