Tuesday, October 12, 2010

10/12/10 9:10 AM Update

9:10 AM Update
9:10 AM Update - 1 Min

Here's a possible count at the 1 min scale. Look at the Fib confluence at 1162 and 1161.

I will also add that this may only be wave 4 blue.

8:40 AM Update

SPX - 5 MIN 8:40 AM

Here's an update to the 5 min count. I see 5 waves up. Remember how we can trade EW. If we see 5 waves up, expect 3 back down and then at least another 5 up.

If you missed the boat this AM on the long side, you may have another opportunity to scalp.

I'll be looking for a 3 wave structure down targeting a proper Fib retracement of at least 38%. That would be a good place to take a scalp position if you'd like to take a stab at it.

1161-1162 looks like a potentially good support area because of the gap and 38% Fib retrace.

The 15 min MACD is looking bullish as well as the 30 so I'm thinking we should see some further upside potential. Don't forget the inverted h/s patterns I pointed out earlier today as well.

8:00 AM Update


7:04 AM Update
SPX - 7:04 AM 60 Min

Buying this dip here. It's a play off my 60 min chart. I think this completed the wave (2) pullback. Stop below my red ascending trendline.
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