DWA Monthly Analysis 080706

Monthly chart clearly shows a lower low now. A 5 wave pattern can be clearly seen. The question is ... is wave 5 complete, or still in progress? Need to watch the weekly and daily charts closely for signs of buying activity for the retracement wave.

Weekly chart shows slight divergence and start of a new wave. But is it the start of the retracement of the entire 5 waves down ... or is it part of wave 5? Watching this very carefully.

We had a range expansion bar for friday's trading activity. The market gapped up at the open, and then fell fast to close at the lows for the day. Will the current low at $20.30 hold? Friday's price action indicates that a new wave is in progress.