Wednesday, December 1, 2010

12/1/10 - 1:43 PM Update

1:43 PM Update

Looks like option 1b and 1c are front and center. I think I'm 50/50 on both counts with maybe a slight advantage to 1b since we closed above 1200.

The main problem I have with option 1b is trying to count a clear impulse off the 11/30 low. I came up with a possible squiggle count earlier in the chat room but that depends if an expanding leading diagonal is considered an EW pattern in the wave 1 position.

I'll post charts later

7:04 AM Update
Opt 1c

[C]=1.618*[A] marking a possible turn point.
Pre Market
Opt 1c

Though we are set to rally at the open, keep this count option in mind. 1200 is the key on the upside. I believe market participants want to see a close above this level. Let's see if she does.

Opt 1b

Here's an alternate version to this count last night that would support a reason to be cautious.

Cup and Handle

I posted this chart back on 11/5/10. Not sure if the handle needs to extend lower but if the market clears the top of the cup with decent volume, that may be the signal. Click on the link to the previous post if you want to read more on this formation.
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