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Wednesday, October 7, 2009

Preferred and Alternate Counts

My preferred count is still that P2 is in. The bearish count has not been broken yet. However it is not looking so hot. But "it ain't over until the fat bear sings" and until it is technically broken it is not technically broken.

Or to use one of my most favorite Futurama lines ever: "You are technically correct. Which is the best kind of correct." ... :)

We will see how this plays out.

In the meantime, since we had a strong advance day, and the move off bottom of couple of days ago looks very impulsive, I have my leading alternate bullish count. Which is not a massively extended C wave. I am not a fan of that count for a myriad of reasons (wave proportionality, not fitting with a P2 ending, breadth while "recently" strong is still not as strong as it was back in May-July).

Here are the 2 posts yesterday where I was exploring the idea of my alternate count: Alternate Count Possibility and Another Thought

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