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Strategies & Market Trends : The Bird's Nest

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From: clutterer	8/30/2010 1:52:37 PM
	of 15232

"Since my last update on 8/2/10 where I said the market should be close to topping or my count was wrong, the market did top a few day later and then head down. The last 3 weeks has seen the market in a nice downtrend channel as shown on the chart attached. The decline can be counted as a series of 1-2’s to the low on Friday 8/27/10 before the sharp reversal on Friday. If that is the correct count, the rally should be almost over, and we should turn down some time on Monday. The alternate count, not shown on the attached chart, is that the decline from the 8/6/10 high is a five wave decline with an extended 5th and the rally has more to go. The target would be 10,350-10450 in this count. Either way we should resume the decline in a few days if my count is correct. We shall see. The 9600 area, which was the July ’10 low, is a very important area of support to watch over the coming days. Once this level is broken decisively, the decline should accelerate toward the 8100 area over the next few weeks. As always I will monitor the count and update you when warranted. Comments and questions are welcome and will be answered as time allows...."

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