Posted: August 25th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks once again, Mike and ChartsEdge!
Folks, now we'll see if today provides the kind of further respite to equities to work out the small wave 4 that Tony's thinking, in preparation for another move up for the small wave 5. Could that small 4th wave finish today? My sense is that it could. That matters less if you're daytrading. For swings, we'll have to see if the wave 4 can finish out and even all the first little "wavelet" push for the wave 5 up with a possible rise this afternon. (Assuming we get a rise like that, some will be talking about a "stick save" this afternoon - no harm in that!). And I know that Andre Gratian has similar projections, as he proves his subscribers intraday with his frequent emails and intraday charts of the SPX.
If this does all lead to the markets rolling over again whenever the intermediate c is done to also finish major c and primary B, then I almost feel sorry for Bernanke to be facing re-appointment hearings in Congress and the public arena with markets slipping again ...
But first things first - we've got to see how any further testing upward through the next week into early September does, vis-a-vis the numbers around 1035, 1037, 1041/1042; and if it can manage, 1053/1060. More immediate, if it can work out a small 4th wave consolidation or correction today, above 1018 where there's support. So as always, careful out there, and happy market navigating!
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