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Nov 13th, 2009: EOD Update – Down Channel Forming?

Posted by pugsma on November 13, 2009

It’s still too soon to tell but the much anticipated c-leg down channel maybe taking shape.  There is a possible i-ii down count off the 1105 peak.  We’ll need more downward price action early next week to confirm.  But one thing for is for sure, if the alternate count is correct, then this wave-v is going to be pretty weak.  A new high above 1105 might not be in the charts (so to speak).  Volume was very light again today.  On the bullish side, next week is OPEX week and they have been bullish since the March 2009 low.

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