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

Tuesday, August 18, 2009

Updated Count - Still Seems Corrective To Me

I am still building on my preferred count from this post Market Update - Equities and US Dollar - Aug 17 and this post Some More Wave A Thoughts - Aug 13.

I think the correction since yesterday is best described by a double-three. This double-three (IMO) will form Minute (orange) B.

I am not a fan of the count options where 1018 on SPX is identified as a top and the action so far is a 1-2-3-4 or a 1-2,1-2. It is quite possible of course. But the down volume just seems too light for an impulse of that magnitude. The action seems overall more corrective than impulsive. Just my take.

Here are my count updates:

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