Thursday, September 23, 2010

9/23 10:50

This chart says it all.

1 comment:

  1. I have been trying to count it that way too on SPX. But I see several problems with that count:

    1) wave 4 overlaps wave 1
    2) wave 3 subdivides into 5 waves, however, those 5 subwaves have the same problem in that the 4th subwave overlaps the 1st subwave.
    3) If you just stand back and look at the form, it does not have the right "look" for an impulsive move IMO. Too many overlapping waves. Looks to me like we had a zigzag down to yesterday's midday low (wave A), then a chopfest to yesterday afternoon's high (wave B), then a plunge to this morning's low (wave C). Wave C was indeed impulsive as all C waves are, but the rest of the move down from the 1148 SPX high does not appear to be impulsive, at least to me.

    But take this all with a grain of salt, I have been wrong before. And more than once :-)