Wednesday, January 5, 2011

1/5/11- EOD Update [5:12 PM Update]

[5:12 PM Update]
RUT - 60 Min

Here's a count for the RUT for those who may follow it.

[3:40 PM Update]
Option 1

Here is the adjustment made per eunsuh's comments below and my response to him.

EOD Update

Option 1 [Disregard this version]

This count continues to remain valid and remains the primary option. Based on this count, I believe wave 5 blue started near the close. See the 3 min chart below for an internal count.

3 Min

The waves were a joy to count today. The waves have respected the channels so far and notice how the structure has remained in the acceleration channel (blue) out of the base (black). The market even move sideways and up as it came back towards the top of the base channel.

Pay attention to the alternate labels on the 3 min above. They also support the wave 3 extension alternate below. Especially because the bounce off yesterday's low still appears to be a three wave structure, though technically one may count five waves up, we'll still keep this in mind.

Wave 3 Extension Alternate

This option is looking for a completion of wave (iv) if the market feels like correcting some more. So far, it has set itself up for either an expanded flat, running flat or running triangle.

We will have to see what plays out should the market correct some more.

INDU

Just an update to INDU. It appears to be in synch now with SPX.

RUT - 5 Min

A tiny view of the RUT. The waves off yesterday's low count as pretty clean impulsive waves up.

Bollinger Bands- Daily

I mentioned in the chat room today, should the price action hold up, the market would print a bullish engulfing candle. Looks like we saw one today.

Not sure how significant it is here near a top versus at the end of a decline but thought I'd mention it anyway.
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