Monday, January 3, 2011

1/3/11 - EOD Update [4:43 PM Update]

[4:43 PM Update]
Daily Bollinger Bands

I posted the daily chart earlier today to show the comparison of both spikes out of what appeared to be triangles.

The market spiked well beyond the thrust target but hit the top of the Bollinger Band as anticipated.

Weekly Bollinger Bands

Now take a look at the weekly. During that same comparison period, the weekly candle closed at the top of the Bollinger Band. Should this behavior repeat, notice the top of the weekly sits at 1296.

Just something else pointing to 1290-1300.

EOD Update

The market tagged the 1275 level today, which I have been looking out for. I also believe the market still intends to tag the 1290 and 1300 levels. I continue to watch the three charts below, which leads me to believe that is where the market is headed.




A heavy Fib confluence at 1300.

Next Fib fan stop is approximately 1290.


Option 1


As far as counts go, Option1 is still the count at the moment. Coming into today, I was anticipating a third wave rally, which we got.


5 Min


This count goes with Option1

5th Wave Extension

If this count is correct, this leg may be complete. I will be looking at another option that may call for this to be labeled as a wave 3 extension. I'll see if I can post that later.

Minor 4 Option

This options is most likely out since wave [b] has now extended wave [a] nearly 190%.
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