Tuesday, January 26, 2010

1/26 - E-Mini PM Update: H&S?

It appears a small scale head and shoulders formation may in the works. How it fits into the wave count I'm not completely sure. Based on my current count, it may result in a drop down for wave (v).

I'm not quite sure this one is completely valid. The measured move would take price down to 1070, a 1.5% move. That's pretty big. It would make wave (v) approx 1.236(i).

Let's see how it plays out. Many of the H&S patterns have been playing out so this one may not be any different.

And of the course the alternate count is that minute [i] was put in today and the bounce the beginning of [ii]. By my count (a) played out and (b) is just about to complete with a final (c) wave up to complete [ii].


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