Tuesday, December 14, 2010

12/14/10 1:00 PM Update

Don't forget, if you want to follow along in the chat room, we have opened a new live event. You may click on the link at the top of the blog or click here.

1:00 PM Update



This is my primary count as of the close. I think there is one more push for v up. 1234.17 will be the key level to watch.

I'll post my EOD later. Gotta run

12:25 PM Update


The flat may be complete

12:20 PM Update


12:00 PM Update
This is the primary count...

8:10 AM Update

1243.43 was breached on the 7:47 AM chart, which rules out the impulse count. It is better labeled now as an a-b-c-x at the moment since the move down again is also corrective looking.

7:47 AM Update
3 Min

Looks like subminuette v is in the works. v=.618*i at 1245 and v=i at 1248

Pre Market update
10 Min

This chart wasn't on the blog last night but was mentioned as an alternate. I'm a little uncertain on the validity of the squiggle count but at this degree it looks right.


/ES

Futures held right at the 4-1 invalidation point overnight and rallied to a 62% retracement. As I type this, it is now down .75 and heading back towards the invalidation line.

That line rests at 1238. If one final push for subminuette v is to occur, this line must hold.

Below, the EUR/USD and /DX charts may support a final push higher.

EUR/USD

I posted this chart yesterday in the chat room. With the push overnight above the light blue horizontal line, the selloff starting from 11/3 has been ruled a corrective move.

Until we see something impulsive on this bounce since 11/30, all we have are three waves up so far, which I have labeled as 1/a, ii/b and iii/c.

Fib projections for iii/c are on the chart. The green channel is a longer term channel, which may also be a target, should this turn into a five wave move higher.

/DX

I posted this chart in the chat room yesterday as well. Dollar futures continues to weaken and should this only turn into a three wave move down, I have projected a possible target for wave c down near 78.34 if c=a.
blog comments powered by Disqus