Monday, January 10, 2011

1/10/11 EOD Update [910 PM Update]

[9:10 PM Update]

This is a bullish count off the 1/7. This looks like a pretty good count. The internal squiggles count well and there are no overlaps except for the leading diagonal.

If that is a leading diagonal for wave 1 blue, an approximate 78% retrace for wave 2 down would be the next expected move. This level would be approximately 1264.

This is an update to Option1 to reflect the bullish internal count above.

[2:20 PM Update]

Chart commentary added below and an INDU chart.

I'm still not convince a new impulse wave down has begun.


EOD Update

Commentary to follow.

It is certainly possible a complex corrective for 4 black is still underway. However, I do show a possible wave 1 up as a leading diagonal for wave 5 black.

The chart below highlights a few more options that may be going on up here.

Combo Corrective

This chart highlights several options.

1. Wave 4 black complete from the option 1 chart and the bounce on today's low was wave 1 of 5 black.

2. Blue Labels - A triangle forming as part of a combination corrective. Wave a of b formed off the bounce.

3. Red labels - A larger triangle that began on 12/31. The bounce off the day's low was wave a of d.

4. Green labels - As part of a larger w-x-y possibly targeting 1255 or may just be complete along the lower ascending trendline to complete wave 4.

All options imply a pullback is in store and shouldn't exceed the lower ascending trendline except for option 4.

Wave 3 Extension
Here is the wave 3 extension option. Wave (iv) is complete or nearly complete.
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