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Thursday, February 11, 2010

That Was About As Fun As....

(insert inappropriate object hitting crotch joke here) --- actually, Ilene found one: YEOUCH!!!!

Here is my current count. The day sucked but was not as bad as it could have been. The day closed below the 1081 resistance. Good. It was not a bullish runaway. And divergence was showing up the last hour for the Minuette and Subminuette degree waves. Also good.

So if you assume that this is Minute 2 wrapping up, there are two basic options: triple zigzag or A-B-C with a big triangle.

Both yield similar targets based on Fib ratios. The lower target (which was met and where we consolidated at) was 1076-1078. The next target is 1084-1087. That is now where I think the move will hit tomorrow (*if* this is indeed Minute 2).

But no matter what happens, we better close well below 1081 tomorrow (below 1060 would be lovely) otherwise we are going to have a very bullish week next week.

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