Thursday, August 26, 2010

8/26/10

7:35 AM

Looks like printed a hammer yesterday as anticipated and so far we are seeing confirmation. Though the market printed below the lower channel yesterday, it managed to close above. Is this channel still intact? So far so good.

7:35 AM
Here is the count I'm primarily watching. Either [y] completed at the 1040 low or just (a) of [y].  If only (a) of [y], a 62% retracement would take us to approximately 1095.

EOD
The final look for the day. I have either 5 (yellow) in progress and just about complete to complete [y] or (a) of [y]. So it is likely we will see 1040 again briefly before this completes.
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