Wednesday, August 11, 2010

8-11

 6:00 am - E-MINI
Looks like we're set for another gap down this AM. It should be safe to say the wedge is done.

Here's a look at the SPX Emini using the optional count. MACD is just a hair away from a sell signal.

Should this count pan out, minute [y] may play out back to the 1002 low in a 5-3-5 (a-b-c) fashion. One thing to note is the 23.6 and 61.8%Fib retrace levels. The market appears to have traded within that range, previously acting as support and resistance.

6:50 AM - Update
Here's the cash version that I posted yesterday. I'm keeping an eye on the alternate labels in gray. That implies a leading diagonal wave 1 up and now we are seeing a wave 2 pullback. [C] = 1.618*[A] at approximately 1094.

9:00 AM - Update
 And yet another way to count this puppy. That minuette (ii) is counted as an expanded flat.

9:05 AM - SPX MAs
 The 50 day SMA sits at 1088. Possible support for this selloff and a good place to cover if short. Heck, we're close enough...
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