Tuesday, January 11, 2011

1/11/11 - EOD Update [3:25 PM Edit An Apr 2010 Comparison]

[3:25 PM Edit An Apr 2010 Comparison]

April 2010

I am seeing several folks reference the Apr top and comparing it to what we have going on now. I don't think they are quite apples to apples yet.

I put together this chart and the one to follow to compare why I don't think we are quite there yet with comparing Apr to now. Not yet at least.


Present

There is no clear impulse down yet. Let's wait first before declaring anything.

[3:05 PM Edit]

ES may have completed it's triangle. We'll see tonight.


EOD Update




The market continues to climb the stairs. Almost out of room and a decision soon has to be made. Perhaps we see it tomorrow.

Option 1

Still here. It has a bullish little nested 1-2 setup for 5 black. We'll see if it pans out.

The target is to at least the top of the channel.

5 Min

Here's the 5 min view that supports option 1 above. Leading off the wave 2 red may be a leading diagonal or a nested 1-2.

Primary Triangle option

Here's the primary triangle option I'm watching. Either wave e of the tri is complete or one more leg down is required. Should it drop, I would expect 1270 to contain the drop. 1267-1268 may also be a target since that would make for a 62% retracement of wave d.


Combo Options

Here are a view more options with the tri and the corretive combination. Most still apply as mentioned in yesterday's EOD post.

As for bearish options, I still the say the bears have not shown up yet. When they do make themselves known, I will certainly present the corresponding counts.

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