Wednesday, October 20, 2010

10/20/10 -12:50 PM Update

12:50 PM Update

Wave iv can't overlap i so keep that in mind if this option above is to apply

12:40 PM Update

Scratch that triangle on the 12:23. It may still be a wave iv flat.

I'll see if I can confirm the 5 wave move up is complete and now we are starting 2 down

12:23 PM Update

SPX 5 Min : 12:23 PM

Finally have access to my charts again.

Here's my 5 min update. Of the three options I posted earlier this AM. I'm going to say wave 5 up is in progress.
The next option is that we are in a B wave up, which subdivides as a-b-c. Wave a of B completed where I have iii and b of B is the potential triangle developing.

The dollar, if the inverse relationship still holds, confirms that it was only in a corrective bounce and we are not going higher.

9:58 AM Update

Here's a 5 min view. A possible inverted head and shoulders in the works if this is the wave 5 up scenario.

8:55 AM Update

I can't get a chart up right now but I believe my suspicions are correct with the three wave down to yestarday's low. We are either in the following:

1. An X wave up to be followed by a move to the lower end of the purple range
2. B wave up
to be followed by a move to the lower end of the purple range
3. A new impulse up for wave 5.

Just watch out for the whipsaw if the market chooses to consolidate within the range.

Pre Market

Ending Diagonal Y?

Last night I posted the 5 min chart below. One other option I noticed for wave Y of (iv) or [iv] is the ending diagonal.

We may stay range bound for a while as well between the purple rectangle which covers 1155-1190. If we sell off further the next range may provide support below at 1130.

GL to all.
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