Friday, January 22, 2010

1/22 - E-Mini AM Update

I don't know what happened to the data for the chart but my wave iii disappeared. Anyway the rest played out last night and so far it looks like the H&S target was met.

The way I'm counting it, this may only complete minuette (iii) with a minuette (iv) retrace back to the neckline (past support should be resistance now and it would make a nice 61.8% retrace). If the count is correct, it should not retrace past 1127.75 or we would have a 4-1 overlap. And if that were to happen, the case for my alternate count would grow.

By this count, minuette (iv) does not have to retrace back to the neckline either. It can also hit the minimum Fib retrace targets of 38.2, 50 and even 23.6.

If minuette (iv) does play out, we may possibly see sideways action for the rest of today, if minuette (iv) takes on a triangle formation.


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