Sunday, August 19, 2012

August 17, 2012 - Postmarket

Corrigendum:  The August 16, 2012 postmarket image has everything a degree too low (these are Subminuette waves not Micro waves etc.)

The market evidently decided to have another low-volume hardly-move-anywhere day on Friday.


The two most probable counts are that we either completed Micro [4] of "v" in a tiny triangle on Friday, or that we completed (4) of [3] of "v".  This latter count would be necessary to achieve some of the higher targets.

If Micro [5] = Micro [1], the target is 1428.00 exactly from where Micro [4] appears to have ended.  An overshoot is possible, as this would mean that anyone with stops set at the April high would find their stops breached, but sentiment has largely reverted to bullish, especially for AAPL permabulls ecstatic over their new highs.  On the other hand, there's still a lot of bearish sentiment as well, and a great deal of confusion.

This is normal near the peak of a B wave.

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