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Thursday, August 13, 2009

Sneaky Little Market ...

Market keeps extending sideways and up. I think the churning today of overlapping corrections is a Wave 4 of 5 of 5 of A (Minor) triangle.

This still goes with my count. Why? Because it suggest a target of about 1018-1020. In this case Wave 5 (Minute) still is about the same size as Wave 1 (Minute).

If this does turn out to be in fact part of a larger overall triangle / ending diagonal, then I have serious doubts were are still in Wave A. In that case, I think Daneric's count is a far more likely explanation for the recent price action.

What is interesting is when you look at the Wave A channel below, the recent action is still skirting the trendline within the channel. Still room for one last small bullish move, and still be considered Wave A (at least by my count).

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