Thursday, February 17, 2011

2/17/11 EOD Update [4:42 PM Update]

[4:42 PM Update]

COMPX 60 Min

I've been posting this chart for COMPX and I think the ED looks pretty ripe.

There's a sell signal on the 15 min MACD and the 30 is about to cross down.

COMPX Daily



EOD Update

Do we have 9 complete waves? Pretty close.

30 Min

The market continues to stair step higher and that wedging pattern continues to narrow. I'm still a little certain of the count but this is what I'll go with for the moment.

I have two potential EDs going here. This makes the most sense since we continue to see three wave structures converging.

The first ED is the one labeled in green. It's essentially the final fifth that is wedging. This count does not give much room for this 5th to make a new high since wave 3 green of this ED is 1341.50. Since this wave 5 cannot be longer than wave 3 blue, the max this may be is 1341.78.

The move into the close does appear to be corrective so I think tomorrow there's early weakness down to approximately 1335-1337 to put in wave 4 green and then a final push higher to complete 5.

The second ED, labeled in blue with the 'alt' tag, is either complete at 1341.50 or may have a little more to go. The maximum for this count would be 1345.83.

Obviously a break below those rising trendlines and eventually 1324.61 would be a pretty good hint that this leg up may be complete.


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