Thursday, January 20, 2011

1/20/11 EOD Update [6:20 PM Update- Caution For Bears]

[6:20 PM Update- Caution For Bears]


This is the bear count I posted earlier today. I'm re-posting this just to highlight the wave of concern.

As I mentioned earlier there are no rules broken here but look at how chopped up that wave 3 is in there. That just doesn't look like a wave 3, however, the same can be said about some of the wave 3s on the larger bull count option off the Mar 09 low.

Anyway, just wanted to point this out. Below, I have the squiggle count for a corrective count which I believe may be more appropriate.




Here's a 60 min chart highlighting a few options:

1. 4 ended 1/7 and working on waves 1 and 2 blue of v
2. 4 ended today, 1/20
3. 4 may be working on a triangle , labels in red
4. Today's low just a wave a green of red a of 4

Here is the squiggle count for the corrective option down, which I believe is more appropriate.

A couple of inverted head and shoulder patterns that may be playing out.

[EOD Update

This is what I'm thinking right now bigger picture. This is the primary with the alternate option in there.

A closer view of the bigger picture.

And a closer view of the bigger picture.

Not quite a hammer at the close but test and held above the 20 day MA.


The bear count that must not be discounted. I still believe it may be suspect because of the "look" of wave 3 for that count. Nevertheless, it must be considered.

I'll try to post more later but have to run for now.
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