10/5/11

I apologize for the delay.  I was feeling particularly under the weather and felt little desire to post.  I should also probably avoid trading while I am not feeling well, as it causes me to make stupid mistakes like shorting into what I should have known was a rally.  (Although, to be fair, I was away-from-computer for much of that absurd ramp up.)  I'm still not 100% and so this post will be short.

There are two counts:  we have either finished the first significant wave down (Minute [v] of Minor 1, of Minor 5 of Intermediate (1)), or we finished that at the 1077 low and are now undergoing Minor 2 or Intermediate (2).

The absurd short-killing 40-minute massive interminable stock soaring that took place yesterday, of course, stymies many counts by making the subwaves difficult to calculate.  It parses best as a third wave, obviously, but is it the entire third wave or just an extended 1 of 3?

I believe the trendline from 1220 to 1195 is still important.  This trendline starts tomorrow at around 1170 and ends at around 1165.  It is possible that the move from 1102 to 1079 is in fact the B wave of the correction - recall that the Sept. 22-27 correction (which clearly was a correction, based on the action before and after) had no particularly discernible B wave.  If so, then the "C wave" having its high at the current level is not at any good Fibonacci ratios.  However, C=3A at 1163.86, which would be met sometime Friday around or just before lunchtime.