Tuesday, September 1, 2009
Good News & Bad News
The markets did not make a new low for the pullback this morning, but rallied in the 3 waves instead leaving a 3 wave - 3 wave -?? pattern. The bad news is it looks like the pullback has further to run, but the good news is that it doesn't look impulsive. At the moment it looks like a zigzag abc correction, which may bottom soon. Of course, these things can extend, but it doesn't look like a start of a significant downtrend yet.
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4 comments:
11:23 EST this is just an X wave decline followed by another intraday c wave rally. Earlier message below is still very operable.
choppy, drift up today &/or tomorrow
big down days Weds & Thurs
probably went too far for an X wave, but still expect a bounce. Don't want to get too bearish yet for the near term because UUP hasn't taken out its previous high yet on hourly charts.
Still looking for a big down day tomorrow.
for Oct last leg rally i would favor large cap -->> healthcare -->> JNJ -- chart looks good, too
Got any other ideas ?
# of NL's are lacking
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