Tuesday, December 21, 2010

12/21/10 - EOD Update

[EDIT 3:10 PM]


Just wanted to add my RUT count. I don't post this normally here but mainly in the Chat room since a few folks there follow it.

EOD Update

The market continues to make higher highs and higher lows and respecting this channel. The bias then must be to the upside when it comes to figuring out which of my two main counts are correct.

Fortunately both implied that at the least 1255 would be challenged so that was the easy part. Now that we are here, where does the market go?

Option 1A

This count should speak for itself. Notice the inverted head and shoulders target was met today though so something to keep in mind.

5 Min- Supports 1A

This is the internal count to support the larger chart above.

Option 1B

I still really like this count too especially the way the market began to reverse near the close and right after hitting the 1255 level, a near perfect target of the Fib confluence I pointed out this AM.

Notice that the 30 min MACD is basically on a sell.

10 Min - Supports 1B

Here's the 10 min chart I posted this AM and so far this may be key.

ED Option- Alternate Support to Option 1B

This is an alternative that would fit with option 1B so let's keep this in mind.

Once again both options are looking for a pullback. How far will help determine which one is at play.
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