Monday, September 6, 2010

9/6/10- SPX E-MINI

It's been a while since I posted a chart for the E-mini. Here's the last one with the updated count above.

Back in July, I was looking for a move off Minor B, this is also the same as the daily count I have been following for some time now for the cash market.

One new thing I introduce to this count is the possibility of a flat formation in the works that will keep us rangebound into Nov. Flats, if one needs refreshing per EW, consists of a 3-3-5 formation [i.e. a-b-c (3) - a-b-c (3) - 1-2-3-4-5 (5)].

So far, by this count, we are working on wave c of B.

So what does this all mean? Bulls don't get too excited and neither should bears. We'll just have to continue trading this range.
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