9/20/10 - 5th Wave Thrust (12:50 PM Update)

(12:50 PM Update)

12:50 PM - 30 MIN

A thing of beauty. She looks like she's gunning for 1150. Just about ready to complete minuette (i) at the mid channel.

Remember these posts last week?:

9/15/10 - EOD (1150 Anyone?)

9/17/10 - 1140-1150 on target - EOD Update

Gotta run for the rest of the day. I'll get some EOD updates in later.

(11:23 AM Update)

Forget the ED. More likely a 1-2  1-2 of 5 at this point. But it just may be a throw-over of this ED. Let's see if we get a sharp reversal.

(11:19 AM Update)

11:19 AM - 10 Min

 Perhaps an ending diagonal for miniscule wave 5? I would say it's not a bad bet to take some off for short timer longs. Any pullback should be bought depending on the test of the MAs below and the structure that follows.


(10:39 AM Update)

For those who have followed this chart with me.

Opt 3

This count as I have labeled is out. Subwave e of B broke the triangle rule.

(10:24 AM Update)

10:24 AM - 10 MIN

Another wave 4 triangle possibly??

8:05 AM - 10 Min

8:05 AM - 10 Min

There it is. Our beloved 5th wave thrust out of the triangle we were expecting as posted last Friday at EOD.

I redrew the channel to reflect the new wave 4 level. At the moment, if the market wants to terminate at the mid channel, wave 5 would complete near 1140,  a pivot level). It may crawl up higher as well along the mid channel and target 1150.

Once this leg is complete, this would mark the end of minuette (i) per my preferred count.

Daily Preferred

Here's my daily preferred again.

I'd like to remind my readers that I also have several alternate options I have been watching. To keep up with them, please check out the Interesting Charts link to the right in the quick links section.