Wednesday, October 6, 2010

10/6/10 EOD

EOD - 60 Min

I wanna say we have seen a top for minuette (i) but the pullback today looks too corrective to me and appears to be more indicative of yet another wave 4. This would be wave 4 of v, which would imply that this leg may be nearing completion.

Notice that the market moved down towards the quarter channel and turned back up and heading back towards the long term descending trendline. If this line were to stop the market and this were to be the final 5th of the 5th for minuette (i), it most likely will be truncated.

Notice the MACD rolled over and almost crossed down but turned up into the close. The 15 min MACD (not shown) turned up today and signaled a buy.

Been a busy day today at work so I'll try to get a squiggle count out later to determine what the move was today.
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