I'm staring at the waves, and I'm disturbed by the thought that, perhaps, the move down the past 2 days may have been a 1-2-3 of 5 waves down from about 10,000, and we may now be in wave 4.
My thinking is that the entire move from about 9800 to 9400 on the dow is all wave 3, which, itself, could be broken down into 5 waves down. This is best seen on the 60 minute charts, I think, and it looks even more apparent on the nasdaq and ndx charts.
This is just a theory, but it may fit in with the notion that today's correction seems to be playing out pretty quickly. |
