Monday, November 29, 2010

11/29/10 EOD Update

EOD Update

I won't be able to post charts until later tonight. Not much to add by way of counts that I'm watching.

Option 1c and the minute [b] descending triangle look to me as the best options at the moment.

One minor tweak to option 1c that I see is that minute [b] maybe forming a combo corrective. So instead of the subminutte wave a red label where it is now, I may replace [B] black with red wave w and today's bottom marked the end on an X wave.

Today's rally marked the beginning of subminuette wave y up. Subminuette wave y would take on a three wave structure, i.e 5-3-5.

At the moment we are clearly range bound between 1200 and 1173.
Option 1c

Option 1c as posted last night is out. This is the alternative.

However, the more bearish count has now gained momentum.

Minute [b] Flat or Descending Triangle?

The minute [b] triangle I presented last last is out and a flat is more appropriate. Though a descending triangle is still not out of the picture if 1173 holds as support.
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