Thursday, February 24, 2011

2/24/11 - 8:12 AM Update

8:12 AM Update

Something else to keep in mind.

7:43 AM Update
This may be the most likely scenario. Gotta keep watch.
6:04 AM Update

Well that was quick.

Pre Market

Futures trading lower once again and markets look set to open lower. I forgot to include my wave count depicting five waves down. The alternate on the count shows the mini rally near the close as a wave 4.

Should futures remain in the red and the market decides to drop below 1300, that may be the correct count.

As far as the futures count goes, I don't think there is any other way to count it other than corrective down unless I'm missing something. A wxy corrective looks to be the best label.

Wave y may be in should price break above the channel, however, it appears there might be an ED forming for wave y as well. If the ED is playing out, it appears a fourth wave of the ED is in the works.

As always, we shall see...

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