Thursday, February 24, 2011

2/24/11 EOD Update [4:28 PM Update]

[4:28 PM Update]

And adding to the flat potential for [4], don't forget the large gap above that I think will most likely be filled.



I added the 5 min chart with some options here to with regards to the degrees of this bounce. It is possible the market may only be working on teh first double zigzag for (b) of [4]. I say this because an inverted head and shoulders pattern may be in the works and I see the larger wxy (blue) play out targeting 1325.

Keep in mind that wxy (blue) may also just represent a larger degree wave a of (b) of [4] to. I mentioned in the chat room that this wave [4] will most likely frustrate everyone with the massive choppiness and multiple zigzags and combinations.

So just keep that in mind and stay flexible.

[4:03 PM Update]





Main

I added an option into the main count here. We know that wave 4s, per EW guidelines, "is usually a flat, triangle or flat combination.".

Given that, I wanted to the add the possibility that wave (b) may be a steep retrace to form a potential flat. We'll also keep the triangle potential in mind along with the option down below.

I believe wave (a) of [4] is most likely done based on the count and also because I believe MACD may respect the long term trendline it just touched today. If it breaks below then 1275 is certainly in the cards.

It's later now.

EOD Update

More later...






Primary Count

5 Min of Main

Optional Counts
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