Thursday, January 28, 2010

Elliott Wave Count 28 January 2010

Dip buyers MIA!

Well, it looks like I'll get my birthday present for tomorrow : ) All the markets made new lows today.

Have a look at my alternative count I posted for the Nasdaq in my weekend update:

I wasn't that bearish for this week that's why I didn't prefer this count. But now this one looks perfect for the Nasdaq and the SPX as well. These up and down moves we were seeing over the last few days looked like the wave 4 wave 5 action I explained in that post.
Wave 1 may have ended today and wave 2 started. And btw if not it's not that bad since I won't go long for this upwave anyway. I'm just waiting for a nice short opportunity ; )