Thursday, October 7, 2010

10/7/10 10:05 PM EOD Update

10:05 PM EOD Update

Alright. This is an update to the update from earlier.

Though I showed that there was a way to count the move off the top 1163.87 top as an impulse, I didn't see the forest for the trees in this example.

What affects the count is what occurs after the 1162.76 top on 10/5 all the way down to 1151.41 on 10/7. It's basically an expanded flat. So the impulse that I show is the c leg of the flat.

That's all there is to it.

Now what are we looking at for tomorrow? I still see the nested 1-2 but also the ending diagonal option is very appealing.

I have adjusted the subwave labels to reflect that. I have also added the Fib extension ratios for possible wave 3/c targets (hmm doesn't this look familiar??)

So I will maintain that the chances/odds are high that we pop towards 1163-1164 minimum. After that, we may pullback sharply. If that happens, keep an eye on the support levels.
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