To clear things up a little, here is the count for the daily chart. As you can see the trendline still needs to break to confirm. Todays candlestick seems like it will end as a doji or hammer, this is bullish. The rally price is in now should be wave X of (W), but as an alternative this could still be wave (Z) of X. In the main count, the size of wave X of (W) can vary, but i'm thinking a small wave could be in play because the downtrend should accelerate. Then again, wave X of (W) could also be B of (W) in an expanded flat. Once again, time will tell.
Tuesday, July 12, 2011
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