The DJI cash 38.1% retracement of Minute3 is 10,435. This looks like a good target, respecting the 10,400 Minute1 high. The SPX 38.1% retracement of Minute3 is 1101, which is above the 1099 Minute1 high.
Monday, August 2, 2010
8/2 Updated Wave Count
The surge today now requires a change to the wave count by exceeding 10,594. Last week I said that I expected this to happen and that I would change the count only when it did. Looking at the waves I believe that the high today marked the top of Minute 3 from DJI 10,000. If so, then there is potential for the market to correct down to 10,400 before invalidating the 5-wave up sequence expected to crown Minor 2 on or before 8/13.
Again, this count varies from EWI's, which counts Minor 2 complete as of today. However, with I1 rising until 8/13 I cannot concur. The above count completes a wave larger in scope than I posted today so the pullback will be more than 1106-1107 SP futures.
The DJI cash 38.1% retracement of Minute3 is 10,435. This looks like a good target, respecting the 10,400 Minute1 high. The SPX 38.1% retracement of Minute3 is 1101, which is above the 1099 Minute1 high.
The DJI cash 38.1% retracement of Minute3 is 10,435. This looks like a good target, respecting the 10,400 Minute1 high. The SPX 38.1% retracement of Minute3 is 1101, which is above the 1099 Minute1 high.
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