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Tuesday, September 28, 2010

Impulse Up? Top In? ... I Say Neither

I am still sticking with my ED call. There has not been a 5 wave move up since last Thursday's low (I have seen a few counts try to force one in and I do not buy it one bit). Today's break down stopped right at support (and the bottom channel line on the Nasdaq composite). I was saying to watch for a clear break and close below that (not on the SPX, it has not been leading this rally). When that happens, then this rally can be over ... and not until.

This is very overlapping and highly indicative of an ED to me.

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