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By:charleydan
Date: Tuesday, 5 August 2008, 10:24 pm

These corrective waves have to be traded by the seat of an analyst or traders pants.

The best way is to figure the days direction and hold the trade till end of day.

Like today I mentioned an fifth wave at 1272.50. If you notice the chart it took us into an larger wave four.

Yesterday it took us into a wave -b-.

Now notice the two wave labels that end on the lower right of chart. That is where I expect the market to go when it finishes this wave. I hope this clarifies what is going on in the count. The market is revealing waves within waves and so an analyst thinks the market is getting ready to start another pattern. It reveals it is just a pattern within an pattern.

Now where I put them may be lower or higher on the chart. But that is where I seems most likely for now.

The blue horizontal line on top is target for reversal. The 2.382 comes in at 1290.75 and 1292 depending on chart your looking at. The market should stay within those diagonal triangular trendlines to target.