Monday, March 14, 2011

Corrective Rally

I've learned that it doesn't pay to look at the elliott wave picture at very short time frames as the number of potential permutations becomes ridiculous, but nevertheless today's rally seems to be a double zigzag.  Note the triangle that occurred before the last leg up and the overlap between waves 4 and 1.  These are the telltale signs along with weak volume that there is more downside to come.

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