Monday, December 20, 2010

12/20/10 EOD Update

EOD Update

Preferred

There are still a few options out there but after today's action, this is still the count I'm watching.

The ED I presented earlier will be applied here for minuette (v). Notice that the market broke thru the MACD trendline resistance?


10 Min

Here's a closeup of the ED. The options are it is either working on 4 or still on 3.

I don't place the alternate labels here but this structure may still just be a w-x-y as highlighted below.

Alternate

Just a w-x-y for wave b/x? For a legitimate expanded flat to exist, the market shouldn't rally above 1255 , which would make wave b/x extend a/w by 1.618 times. Any further and the odds decrease that it is an expanded flat.

Notice that the ED count and the w-x-y above potentially imply the same thing? one more little push up and it can be considered complete.
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