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Friday, October 23, 2009

Well now, that was an adventure. Singed a bit, were you?

Like I said on Sunday Whew! One Crazy week! However I Think Next Week Will Make Last Week Look Like a Walk in the Park :). And boy howdy, was that a true statement. Crazy moves up and down. Bulls turning to pigs, but the dinner getting snatched away from the bears before they could eat. Hard to know who is winning?

But like I have been saying in the last several posts I have written, momentum and breadth have been waning for the bulls during this wave the last several days and it is time to start correcting.

And as I pointed out earlier today (That's Good Soup) despite the correction yesterday this move is still heading down.

Breadth - Stink-o-rama. Read the notes on the chart, they tell the whole story

Pattern Chart still intact. Broken support now resistance. Next support is the 38% retrace level (by my guess)

Current EW count. I think it is highly unlikely that this is still a Minuette 4. (IMO). Possible, of course, but unlikely.

Daily chart for good measure.

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