Thursday, September 16, 2010

9/16/10- EUR/USD and SPX (12:48 AM Update)

(12:48 AM Update)

Here's that triangle I posted on earlier. Looking for a wave 5 up.

12:48 PM

Daily Preferred

The daily preferred is how the this wave iv triangle at 12:48  would fit in.

(11:43 AM)

I'm seeing a potential triangle forming again, which signifies most likely another wave 4 triangle is in play. If this turns out to be a wave 4 it would match up with my TOS chart (Daily Preferred) I posted at EOD yesterday. Will put up a chart later.

(9:41 AM Update)

So far the market broke out of the initial upper trendline I drew for that ending diagonal. As I previously posted, it was still a little too early to tell but the Ed is not out yet either.

However, what I am seeing is a buy signal on the 15 min MACD. Therefore [X] may still be in progress. We'll see.

9:05 AM
It may a little too early to call this but what I'm watching for is an ending diagonal for [Y]. So far the converging trendlines are pointing in that direction.

If this is part of minuette (ii), this may only be the first double ZZ of a larger ZZ, i.e. once [Y] completes, it would only mark a wave 'a' of (ii) and therefore imply this wave (ii) retraces more in time then price by going sideways a little more.

9:58 AM
Here's the larger view and with the positive MACD divergence. Notice as well, that 3 or C may also extend 1.618 times 1 or A.

9:40 AM
Haven't provided a count in a while but this one is shorter term but a high probability setup. It is a follow up to my last one on 8/16.

At the time I noted the positive MACD divergence and the fact that the structure off the bottom appears to be 5 waves up.

Either we are in a wave 3 or C up. Fib extension/projections are 1.34 and 1.40 based on .618 and equality to 1 or A respectively.
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