I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Saturday, October 10, 2009

Another Look at the Rally at the End of the Day

Just messing around with my trading chart while warming up a late night bottle. The rally at the end of the day never looked right. It does count like an impulse but it certainly doesn't "act" like one. The breadth stinks (probably ate some liverwurst ... yuk, yuk) and the TRIN barely budged during the move which speaks to anemic volume participation. Right now I am sticking with my original count, that this is part of a Wave B overshoot of Minute 2. I mean it could be a 1-2, 1-2 for part of a 5th wave move, but nothing seems to be confirming it.

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