Monday, December 6, 2010

12/6/10- EOD Update

EUR/USD

I haven't posted a count in a while. I think that EUR/USD is working out a double zigzag here.

Look at the bullish looking MACD.

1 Min Alternates

Here are the two alternates at the top of the structure that I'm watching. As I was counting the waves in real time today in the chatroom, I initially marked the (what I eventually labeled a triangle) a simple zigzag that ended with a wave C ending diagonal.

I have brought this back and use it as a basis for one of the alternates. This alternate is primarily labeled in the chart above.

The second alternate on the chart is in red.

I drew in two horizontal lines that will void those counts if the market drops below them. Let's keep an eye on these as well.

Option 1b

The primary count above is that minute [i] topped today and minute [ii] began into the close.

However, there are few things that make me pause and believe the market may still want to hit the 1229-1232 level. See the charts below.


5 Min

I posted a 1 min chart earlier today that captured the squiggles at the very top. Here is the 5 min view. The wave structure looks and counts complete for the most part.

However, pay attention to the alternate count I have there. It is very possible we only saw the completion of subminuette i of minuette (v) of minute [i]. This option will be ruled out quickly if 1221 is breached below.

The Bollinger bands below may support this alternate view if the market finds support at the 20 ma for the 60 min and 30 min charts below.

60 Min BBs

30 Min BBs


Daily BBs

I still think the market may want to tag the upper Bollinger Band.


/ES

Look at /ES here as of 8:39 PM PST. It is still forming a very clear triangle and is going to break out soon.
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