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, October 6, 2009

Alternate Count Possibility

Here is a large possible alternate count.

THIS IS AN *ALTERNATE* COUNT. This is not my preferred count. The bearish count has *NOT* been invalidated. Just sharing an idea at this point

There is a lot about this count that I really do not like (especially the first zigzag off the bottom). The C leg is not really an impulse. It is really ugly. But, hey, this whole rally has been ugly, so what can you do.

But there are some compelling aspects to this count, which is how the X wave bridges the upper and lower trendlines both times. They are really are acting like X's, much more important and pronounced. In the preferred count for the triple zigzag, the first X is much smaller and less important (however the zigzags on either side count much more cleanly).

So just throwing this out there.

blog comments powered by Disqus