Friday, February 11, 2011

2/11/11 - EOD Update

EOD Update

Well it looks like the waves played out as anticipated. I think this leg up is pretty darn close to completing as you'll see below.

Overall, this is the main count here. There are two options but both are looking at either retesting the highs or making a new high but then reversing.

There is one ultra bullish count below but given the MACD indicators, I'm not too sure about it. However, the indicators have sharply reversed before so we'll have to see Monday.

Just a straight five waves up left if going with this count. Notice where 5=.618*1?

A final fifth as well to complete the ED.

This is the ultra bullish count, this would have to gap and go come Monday for a 3 of 3 if it were in play.

One last thing, price started wedging down today into the close. It is possible this may be counted as a Leading Diagonal to start a new leg down. If so, I would expect a sharp retrace, which we did begin to see into the close, of at least 78% back to approximately 1330.25.

That's about it. If this is the end, I'll need to come up with options as what this end represents. I'm still on the fence with a few things but no need to worry about that just quite yet.
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