Jan 25th, 2010: Corrective Wave (4)?
Posted by pugsma on January 25, 2010
3:25pm (CST): Today’s action looks like a corrective wave (4) up to 1103. It allows channels very well. I’m expecting a drop towards 1082 if wave (5)=(1). Thus, this wave A down should end between the 1080 Aug-Nov support and the lower end of the Nov-Dec consolidation range at 1085. From there, I’d expect a wave B up to about 1115 to 1125, before an aggressive wave C ends this correction. The magnitude of wave C (i.e. 0.62A, A, 1.62A or 2.2A) will determine the wave labeling at the end of the correction (see the 60-min chart for reference).
5-min Chart: (EOD):
60min Chart (EOD):
11:20am (CST): Couple possible counts on the 1-min chart. If (5) of A is in at 1090, then we could be in i-ii up of a of B (red primary count). Or if 1090 was only (3) of A, then in a-b of (4) (blue alt count). See 1-min chart below.
1-min Chart (11:20am):
9:45am (CST): Looks like the alternate count with wave (3) of A ending at 1090 is in play. Could be working on a corrective wave (4) back towards 1105 area later today. This would mean one more wave (5) of A down towards 1080 to 1085 area ending some time tomorrow.
5-min Chart (9:45am):
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