Friday, January 8, 2010

Beans

So I will continue to show the count options based on the series of posts / counts I have been showing the last several weeks. There are other options out there, to be sure, but this is my preferred and I will always show you my preferred (unless there is a very compelling / equally plausible alternate). But I think this best describes the price action (IMO).

I think this last wave is forming a diagonal (no surprise) and I can see two ways to count it. The first says we are done. The second says we a have a few more days in it with a very slightly higher high to come.

There are merits to both counts, so I will show you both. I am still short, but I still have a cash position waiting for either a higher high or a confirmed breakdown. There is still an "unresolved" feeling about the price action at the moment.


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