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Tuesday, August 17, 2010

Tuesday 8/17/10 wrap up

Nice ramp up today.  But also steep ramp down into the close.  If the following Elliott count is correct it almost seems to easy, but also if it is correct we will be heading south with authority soon:

Volume yesterday was really weak and today was better but still tepid.  As has been mentioned in recent posts, it's hard to see how any kind of rally can be sustained without participation.  So if today we didn't see the end of the up move off yesterday's lows, it doesn't seem likely that any further rallying could have any durability.

The Trend/Osc system generated a buy signal in overnight action (3 AM) last night.  However, it is close to generating a sell signal at the moment and might do so by tomorrow morning.