Thursday, November 4, 2010

11/4/10 - 12:17 PM Update

12:17 PM

This may be one way to explain the corrective threes up.

11:41 AM

4 was a running flat. wave 5 of 5 of (iii) or (i) is underway. 1220-1230 target.

11:34AM Update

11:25 AM Update

I'm seeing a triangle for this wave 4.

10:35 AM Update

SPX - 3 Min

I'm leaving room for a wave (i) up of 5 for this current leg up. I would expect a steeper retracement if that is the case.

10:08 AM Update

SPX - 3 Min

Looks like wave (iii) is still in progress. Nice alternation between 2 and 4.

8:23 AM Update

Let's see what type of pullback we get. Watch the Fibs and the structure.
7:44 AM Update
For an intraday trade a good setup may be near. There is a clear five wave move up off the 1183.56 low. That could still be considered the beginning of this fifth wave up so this could only be wave 1 up of 5.

Either way, we have five waves up, we should see three down to approx 1202-1205 and that should be followed by five waves up. If it is a pretty clear corrective move down to those levels, a good risk-reward setup based on EW is in order.

7:15 AM Update

7:03 AM Update

This is how I'm counting this at the moment.
Pre Market - It's Not An ED

As of 6 AM PST, futures are up 11 points. If this were the wave 5 throw-over it has now exceeded wave 3 of the ED. Unless I'm missing a larger ED count, chances are we are in a wave 5/X/Y up out of a wave 4/B/X triangle.

1232 may be the target the market is heading for.
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