Wednesday, January 19, 2011

How bout that Stock Market?

9th inning on the rally;

Daily
click to enlarge
Note the RSI negative divergence.  The labeling reflects a series of abc structures that mimics a  5 wave impulse wave "look". Either way the move up from July looks very complete with 'z" or "5" = "w" or "1" just overhead at 1297.5
 The important thing IS the big picture...all the choppy action makes for a high potential of mislabeling at the
 sub wave level. The wedge shown here certainly COULD eke out another new high, but it aint gonna be by much.


On the Dow it's "z" or "5" =  .618 of "y" or "3"

 Enjoy


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