Thursday, August 19, 2010

8/19/10

8:33 AM - H/S
A possible head and shoulders pattern may be forming here.

7:25 AM
I posted this count about two weeks ago as an alternate but it may be moving up the chain in terms of preference. As I have posted before with regards to EW, "It is until it isn't" so the count below still applies unless 1056.88 is breached.

7:33 AM

Notice the alternate labels on the chart just above. If the nested 1-2 count is ruled out, the alternate to that is a leading diagonal for minute [i], though, these formations are rare. I would probably defer more to the 7:25 chart.

7:35

And we may continue to bounce around to complete the wave B triangle in the 7:35 chart. Today's selloff may be completing subwave d. If this count is correct, expect another stab towards the 1130-1150 level to complete subwave e of B.
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