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Monday, September 28, 2009

EOD Count Sept 28

Here are my End of Day Counts. At this point I am still leaning toward the Minute 5 count, but the bearish "P2 topped already" count is still viable. I am keeping both options on the charts right now.

So the question is, **if** we are in the Minute 5 count (which I think we are) and we are working on the Minuette 1 of 5, did we complete a Subminuette Wave 4 pullback?

Subminuette Wave 3 was 2.62 times Wave 1, which means this was a very powerful wave 3. For a strong wave 3, we would expect a 38% retrace. We have not seen that yet. However, we have seen the *minimum* retrace (23.6%) required, and then a pretty abrupt turnaround. So that being the case Subminuette 4 *could* be done.

.... On the other hand, Turnaround-Tuesday beckons tomorrow. I wouldn't be surprised if Mr. Market leaves both the bulls and bears in limbo by not making a higher high than today's high and not making a lower low than Friday's low. :) Should be interesting and nerve-wracking tomorrow :)

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