Posted: September 30th, 2009 |
Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks once again, Mike and ChartsEdge! Folks - their Pattern Recognition map for today is also at their subscriber site. As they say, when there's good agreement between them, plus factoring in their weekly cycle map, you get greater assurance. This one above is their very interesting "BP" generated map.
Their weekly cycle forecast indicated up today, so that's different. The OEW count suggests we're either seeing more of small (minute?) wave ii down, or even more of a small second wave before a (minute?) wave iii up. Basically, I'm looking to see if the SPX tests 1053 or maybe we go into a triangle consolidating mostly sideways with higher lows and lower highs (contracting triangle), before a final fifth wave up to cap off the whole zigzag rally.
The bearish alternative is that it's over already - which I doubt, but it's another good reason to be careful, as always, out there! Don't forget to watch the dollar index ... And - Happy market navigating!
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