Tuesday, February 8, 2011

2/8/11 4:01 PM Update

4:01 PM Update

Showing this chart again. Was looking at it and if repeating, tomorrow we gap and go.

3:27 PM Update

A wave 5 extension options. AS Arg reminded me of this count earlier in the day. Thank you AS Arg.

EOD Update

A simple repeating pattern that makes me believe the market is attempting to tag 1330.

Primary Count

This count continues to play out. I believe wave 3 of 5 is closing in on 1330. An alternate there is that wave 4 red may turn into a flat, which would require a little dip down to 1315-1320.

Here's a 10 min view.

Wave 3 Extension Option

I'll continue to monitor this chart as well.

Update on the channel chart.

ED Option

I can't believe I missed this but the ED Option I have been presenting is not valid. Wave 4 does no retrace back into wave 1, which is a rule.

This came up again in the chat room and I can't believe I missed this one. Once again, EWP, 10th Ed, Page 88, it is written, "Wave 4 always ends within the price territory of wave 1."

Obviously that hasn't occurred here so we'll just treat this as most likely an impulse wave up.
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