Tuesday, August 17, 2010

8/17/10

11:50 AM
An updated look. Are we repeating a similiar pattern? Up and down through the fall of 2009.

10:35 AM - 100 and 200 Week MA
Here's a follow up to this chart posted on 8/3. We are clearly over the 50 day MA and so far over the 13 week EMA, which was support for most of the rise off the Mar 09 low. Last week we saw a little hiccup on the weekly MACD as it was trying to climb over the centerline. That cross up is still very possible.

We'll see what happens.



Another option I see to explain the move off the Apr high as only a correction. The yellow Fibs are an extension of A. Wave C, if this plays out, targets the 1018 - 950 and as low as 840 if C=1.618*A.

Keep in mind the wave B triangle that I propose may require a little more time especially for subwave d.


9:00 AM Update
The market is working it's way back toward the 25% channel, which at the moment is at approximately 1102.

9:00 AM Update

I still like this chart as well. Looking for the completion of T3. If this current T3 emulates the first one, we may see one more pullback from this bounce before it breaks higher if using the MACD trendline as a guideline and the previous price pattern.

8:50 AM
For those of you who may have forgotten about this count. This is how the nested 1-2s would apply.


So far this chart that was posted yesterday is looking pretty good. If we are working on C up (this would be 3 up based on my nested 1-2 bullish option), it is only i of C.


Yesterday's bollinger band chart provided some useful information when the market touched the lower band and bounced. Now I'm keeping an eye on the mid-band or the 20 SMA at 1105. That looks like a very good near term target.
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