Wednesday, September 1, 2010

9/1/10

Another Option
Here's an update to this count above that I have also been watching. Perhaps we are working on subwave e now.

EOD
My primary count above. 

An Alternate View

7:44 AM
Oops. Forgot to include this chart. The 20 SMA (mid band) of the Bollingers is also at 1080 so definitely paying attention here. But again, MACD is potentially indicating that a thrust higher is near...

7:29 AM
Happy September to all, at least for those who have remained long since last Friday ;). I apologize for not posting last night but had a few personal emergencies to take care of, which are now taken care of.

I am also having problems with my TOS charts so I can't provide an update to the charts I posted on Monday. I'm still watching those counts and my mental stop is still at 1040 for this trade.

The moving average chart above is starting to look a little bullish, especially with the MACD trendline support. The market turned right on the money and is starting to recapture some widely followed EMAs. Price has also established a higher low so far and is respecting a new/young trendline at the moment.

I have the 34 EMA and 50 SMA at approximately 1080. I would imagine this may be a target and a bit of resistance to the upside. So far on the 15 min (sorry, I haven't had time to post counts at this degree. I just don't have the time right now) charts, it does look like a nice 5 wave impulse would complete near 1080. This may be a good place to take some off the table and see what sort of pullback we get.

I'll update my TOS charts hopefully today if I can get my software to cooperate. Congrats to those who may have pulled the trigger at 1040 yesterday or last week to make some coin.
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