Monday, October 11, 2010
Ok. the trendlines (ascending) are still intact. The ED option presented earlier today takes a back seat to the count above.
We either have a nested - (1) - (2) setup heading for higher highs or today's late day pullback was subwave 4 of the ED as labeled in gray. Subwave 4 may have some more to go and tap the blue or red trendlines.
I can see this happening as the market sets itself up before we start earnings season this week.
The 60 min MACD did cross down and signaled a sell, however, the bears couldn't break all the ascending trendlines.
Well this bounce into the close is telling me that the little sell off is most likely subwave 4 of the ending diagonal. The bears can't seem to get it going.
I'll update my overall counts later today.
If the market breaks 1151.41, the subwave  low, this ED below would be considered complete.
Been tied up in meetings all day. This may be a good count right here. Everything today just does not look impulsive towards the upside and the 60 min MACD is rolling over.