Thursday, June 24, 2010

The Only Bullish View Left

I still think that wave B up is in progress. The fact that it is messy just comfirms that it is a B wave in my mind. The decline so far appears as 5 waves, but they are overlapping which doesn't look like an impulse. 2nd waves can be deep so that fits the profile of a 2nd wave. Any move below the June 8 low will destroy the count and the trend, but still not rule out the retesting of the May 13 high in an expanded flat, so going short on a break of the June 8 low may not be the best approach either. I have a short term cycle low due for tomorrow. I suspect that this decline wil probably end then. If not, we will have to re-evaluate.

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