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Time For A Bounce
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Time For A Bounce

Time For A Bounce

by The MoleSeptember 3, 2009

I was planning to put up a post earlier but unfortunately had too much on my plate today. Here’s an updated wave count for you rats:

Blue means we are still not done with Primary {2} and a bounce will get us to new heights – most likely into the 1070 – 1100 cluster. Being a third wave this final rally would most likely move quite fast and count as Minute {3} of Minor C of Intermediate (Y) of Primary {2} – I know that’s quite a mouth full 😉

Orange and Green are now slight variations of each other – Green indicates that we completed a full motive yesterday and are now already in Minuette (2) of Minute {1} of Minor 1 of Intermediate (1) of Primary {3} – yes, yes, I can do this all day. Basically what this means – if you banked coin in the past few days – well, this party is just getting started, just hold on to those March puts.

Orange is almost identical to Green – only difference being that we are about to complete Minuette (1) before we bounce – our bounce range spans anywhere from below the Tuesday low (991.79) to the August 17 low of 978.51.

Today’s NYSE breadth was a definitely bearish at 1.6:1 but nothing like Tuesday’s 4.9:1. NYSE A/D ratio on Tuesday closed at 0.1986 compared with 0.6183 today. All in all a solid down day but we’re getting close to a bounce, so if you’re short term oriented you might consider hedging yourself or cashing out.

And that’s pretty much all I have time for tonight my intrepid steel rats – I’ll offer more details tomorrow as the tape progresses. Before I go – here’s another good EWI article which most likely affects many of you as we are embarking on our next regressive Primary wave.

How IRAs Can Tie Investors’ Hands — and What To Do About It

Enjoy,

Mole

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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