Monday, August 23, 2010

8/23/10

7:40 AM
I hope you're keeping up with the counts. Here is yet another I have been tracking. As I said before, we are in a range with a multitude of counts. Until we break out, it's anyone's guess.

7:20 AM


7:20 AM CLOSEUP
The 7:20 AM charts may provide some clues and back up the 7:15 AM count. Both channel trendlines intersect at approximately a 61.8% retracement of the most recent leg down.

That Fib retracement is a typical one for subwaves in a triangle.If this is correct, we'll see a push back towards 1105-1110.
7:15 AM
An update to this count shows that subwave d of B may be complete. Looking for subwave e up and that would entail only three waves up (5-3-5).



7:05 AM


Last Friday, intraday, I mentioned there was possibility of a hammer formation right at the neckline and sure enough it looks like that is what has happened. So far, with the green start today, we are confirming the reversal. It is still early, however, the hourly and daily MACD points to a move higher so we'll see.
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