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

Monday, October 12, 2009

Morning Count Oct 12

Friday was a triangle! Those sneaky triangles, thinking they are all cool with their 3 sides ....

Yep, it looked like a corrective mess and had a lot of people confused (myself included), hallmark of a triangle.

So here is my current count. Using SPY since there are data feed problems with SPX. But I have checked and this count works on the NASDAQ too.

Bulls win again, more upside in this leg of the rally too before any meaningful pullback.

AMENDMENT: After dropping this off in the CIL, alpha pointed out his count of this on Friday: http://1.bp.blogspot.com/_-p17nqJfPI8/Ss-lHYO-UhI/AAAAAAAAArg/-evpOpSP568/s1600-h/30+min+spx.png. Man, I am behind on the times :)
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