Monday, December 13, 2010

12/13/10 - EOD Update [Edit 10:00 PM]

[Edit 10:00 PM]

Just adding this chart here with a channel I'm keeping tabs on.

EOD Update

There is a very good chance that minute [i] of Minor 5 ended today. If your following my minor 4 count, then a good chance minute [b] of minor 4 ended. But all in all, the end of this leg should be near if not already done.

Confirmation of this will occur if the market drops below 1236.93. I also have one more potential mark for a wave i at 1234.71 on 12/9. I didn't mark it on my charts because it was getting too congested.

Also note on the 30 min chart where I place minuette (iv) green as an alternate. That may come into play if this leg up is not complete yet.

In the chat room today, this was a count a I had been watching and was expecting subminuette iv to retrace to approximately 1242-1240, which is a standard 38% retracement.

So though pretty bearish looking into the close, 1236.93 (and maybe further confirmation at 1234.71) will have to fall to help confirm that a minute [i] or [b] top is in.

A couple bearish notes are the fact that the 60 min macd signaled a sell today along with a negative MACD divergence.

30 Min

3 Min

I'm going to work on some squiggle counts and post some potential alternatives later.

Minor 4 Alternate
Here is a look at the Minor 4 alternate. Since we have a wave structure that looks nearly complete and the fact that minute [b], per this count, extends minute [a] by 138%, it stands to reason that minute [c] may be upon us, again, per this count.

The day also ended with another shooting star. This of course will require confirmation. If you recall the last shooting star was on 12/7 and was not confirmed and the market marched higher.

For the count above there are a few options that can play out (five wave impulse down, triangle, another zigzag or an ED). I'll address that as it plays out, if it does.
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