Thursday, December 9, 2010

12/9/10 EOD Update

Option 1b

A couple options are on the 1b chart. I'm still watching the wave c red down below near the 1223 mark to form the triangle and/or perhaps a flat which would drop to the wave a red level.

The option that may also likely be playing out is the descending triangle highlighted by the blue trendlines.

Below you will see the combo corrective option. This was brought To my attention by Scw in the chat room.

Combo Corrective Option

This option may be playing out and would involve a final triangle to complete wave Y of the combination.
Minor 4 Flat Option

I post this chart again to show the overall perspective on the count. If we are still in Minor 4, this structure looks like a potential flat may be forming. It can turn into a regular or expanded flat.

If just a flat, min [c] would drop just a tad below min [a]. If an expanded flat, min [b] may had a little more to go higher before min [c] retraces a far greater length below [a].
Weekly Bollinger Bands

Here I post the weekly BBs. The top of the band shows a target of 1256. Perhaps the market wants to tag this by the end of the week before turning lower. Or it just turns lower....
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