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Monday, September 14, 2009

EOD Count Sept 14

From my last market update post (Mid-day Count, Sept 11) I thought Minuette 4 (Green) would be a triangle. It turned out to be a flat. But the the depth and the duration was more or less accurately forecasted (relatively shallow correction, and the wave structure is still in keeping with a Minute 3 (Orange) run).

We are still seeing bearish RSI divergence on the 30 min chart and the count looks nearly complete for Minute 3. At this point, I think we have a couple more days of upside, then a very shallow / sideways correction (consolidation) for about a week, and then one last move up in mid-late September.

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