Friday, September 3, 2010

9/3/10

10:20 AM Preferred

An update to my preferred count. The Fibs represent the wave 4 (blue) pullback targets.

10:05 AM - 15 MIN
Ok. Couldn't resist labeling this 15 min chart just because it was pretty easy. The degrees are open for interpretation but we may have only completed wave 3. Wave 4 may target the lower trendline as per EW channeling techniques with a target near 1090.

[9:50 AM]

Of course I don't have any issues with this wave 3 extending either.

7:44 AM

I would imagine a wave 4 should follow and a 38% retracement gets us back to about 1080, right about where we may find support from the 20 and 50 SMAs.


7:40 AM
Nice little rally at the open. Of course we are now seeing some profit taking. Notice the intersecting channels? The market stopped just shy of this intersection and is now forming an inverted hammer. It is quite possible this leg up, which I have labeled wave 3 may have come to an end.
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