Friday, February 4, 2011

2/4/11 - EOD Update

Looks like a MACD signal line cross occurred today as I have been anticipating. The top of the channel, which the market continues to respect, sits at 1326.

This is my primary count. We didn't get the gap n go as anticipated today, however, this may still be setting up for one possibly early next week since it is possible to count a nested 1-2 here.

One thing we must continue to keep an eye on is the ending diagonal potential. The waves do appear to be overlapping and seriously wedging.

Ok. That is all for now. Enjoy the weekend and Super Bowl XLV!
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