Chartsedge BP for 12/08

BP2 Forecast Chart - Dec08
Posted: December 8th, 2008

Folks, here's the BP chart from Chartsedge for today.

(Remember to look at the Chartsedge BP RSS feed at the right side of this page for any updates during the day.)

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Just my own comments for the morning:

The futures are well up today, which may rule out EW counts for either a "c" wave to complete a second wave down, or some of the other EW counts out there calling for lower in this time frame. Tony Caldaro has a count (mentioned in his weekend update and quoted in part here yesterday) identifying the prior move up as "a" with the move through last week "b", and Friday's afternoon rally as the beginning of a wave "c" up. Maybe that's what we're seeing.

I'm not sure it would be consistent with the Chartsedge weekly cycle chart (which I posted here yesterday); so, we'll see which "works". Meantime, the BP chart here could work with that, especially depending on whether the intraday cycle highs and lows actually express themselves as high and as low as this chart would predict.

There is also another EW count (at least another one, anyway) that calls for the current move up to be counted as not only "abc" up, but have that as the initiation of a large zigzag to make the third wave of a very large diagonal ... these are some of the EW counts I've alluded to in the past. I'll examine these in more detail if indeed the mid-December window is a cycle high rather than a cycle low.