Wednesday, September 16, 2009
Today was especially difficult for me to count as we had a lot of waves that looked more like threes than five counts. I feel pretty confident that these charts work, but some of small waves on the top chart don't show clear five wave structure . Dealing with all of the overlaps was also a nightmare.
Chime in with comments during the day if you see any errors, and please feel free to make suggestions. It's always helpful to get a second opinion. That's why I share my ongoing count throughout the day. But with the market in motion there is a lot to rearranging of the count as the market reveals more of itself, so it's easy to get lost in the process.
Unfortunately, it's going to be uncertain if either count is correct until we break out of the triangle. The resistance of the Weekly Kumo was penetrated and now there is nothing but clear skies until 1120. This is an awkward position for the Bears as 1053 will now act as support.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 13:38