I still favor the Leading Diagonal, but the fact that this count looks odd (but is completely viable) and is also a dark horse count (very few people are talking about it, except of course my friend Kevin) really has me thinking twice about it. But my conversation yesterday and today with joske (http://marketthoughtsandanalysis... read all 4 comments) really has me thinking about it again.
-- In the 1-2, 1-2 count, we should have already been breaking down hard
-- For the LD count, things are pretty much still on track
But here is where this count comes in. *If* (this is not my preferred count, this is a "just in case" count at this point) we break above the upper trendline on the LD on this wave without making a new low, I feel the LD count will be invalid (or else severely truncated, which I don't buy). So in that case everybody jumps bullish. But this count suggests that it would be a bull trap of epic proportions.
... Mr. Market sure is being quite devious at this juncture.
