Monday, December 27, 2010

12/27/10 EOD Update

EOD Update

Option 1

Here is the primary count I'm watching. As mentioned in the chat room today, though this is the primary count, I still question Minor 4 is properly placed on the chart. However, the counts still work so we'll have to go with it.

Refer to the Minor 4 option here. This count will be in server jeopardy if the market pushes beyond 1261.

3 Min

Here's an internal count off the wave iv red low. I show a five wave count up.

Using option 1 above, once may surmise that this is the completion of wave v red (which would be truncated) or it only completed wave 1 of v red.

The structure may still count as a three wave corrective as well so we'll have to see how it plays out tomorrow.

Wave 5 Extension Option

This option is still on the table and based on the 30 and 60 min macd configuration, this is a pretty top option to watch.

Remember that the top daily Bollinger Band currently sits at approximately 1275

Using the Option1 count above, this may be an alternative for subminuette iv red, which, based on this option, may be forming a larger flat. If this option is playing out, a pullback to wave a would be expected.

ED Option

And let's throw this one in there for good measure. It looks like it could work.
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