Tuesday, October 19, 2010

10/19/10 - EOD Update

EOD Update

I'll post an update later but the Elliott Oscillator count I posted last night is my preferred. It fits with the 5 min count below using the alternate labels for wave [4] down at today's lows.

9:00 AM Update

9:00 AM Update - 5 Min

[4] may still be in progress with an 1156 target where y=1.618*w but that is the alternative. Let's see what this three wave move up turns into.

7:35 AM Update
7:35 AM - 60 Min Preferred

Once again, I can't stress how relevant this pink ascending trendline has been. I have my 60 min count adjusted to reflect my thoughts on the 5 min chart below.

Looks like wave 4 is in progress here to, which would corroborate the SPX count. MACD trendline support may be a good target.

Pre Market

If you have been following this 5 min chart, I had an alternate count for a w-x-y in progress, which I have now labeled as the primary on the chart above. With futures currently down 8 points, a sell off for wave Y most likely will be the move for the day.

I will be keeping an eye on the Ultimate Oscillator chart I posted last night as well. That chart is also expecting a wave 4 pullback.

What I am uncertain of right now is the degree of this wave 4. On my chart above, 1174 looks to be the first target for Y.

The trendlines that I have been watching all along once again will come into play. I would reference those lines on my 60 min chart found here.
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