Wednesday, February 16, 2011

2/16/11 EOD Update [3:03 PM Update]

[3:03 PM Update]


Watch that hourly MACD trendline. The 15 and 30 Mins have broken above their respective lines today.


This ED looks like it is still intact from yesterday's post. In fact, it looks like a little tiny ED as the final wave c leg for 5.

This leg, would complete a larger minute [iii] wave.


No DOW Theory Non-confirmation here. As I previously posted, a new high was expected and so far it has followed through. Looks like there may be a little bit of gas left.

[Updated 3:03 PM]

I updated this 1 min view.

EOD Update

I have three options for today. I switched this AM's chart with the one below. I don't know if one outweighs the other but since the first chart here was the first one I was watching, I'll just list it first.
Black 5 may be very close to completion or is complete. If not, maybe one more lil push towards 1340ish.

This count has black 3 either close to wrapping up or wave 4 blue forming a flat or potential triangle.
Here's the ED option but with reasons why I dont like the count.

1. If the ED done, price should have reversed sharply out of the wedge. It
reversed but found support at the lower trendline.

2. MACD indicating momentum was building off the bounce off the lows today.

3. The pullback after wave 5 stands a 50/50 chance of counting corrective vs impulsive.
blog comments powered by Disqus