Wednesday, February 23, 2011

11:55 AM Update

11:55 AM Update

I'm leaning more towards this count. I like where red a of y blue is too. c=a.

Something I mentioned in the chat room to keep in mind is that assuming we are in a minute [4] (again my count), we may experience a few weeks of choppy action up and down so be prepared to become frustrated with three wave structures up and down.

I can see this bounce right now morphing into a series of double ZZs to form b of [4] and may appear only corrective up but may surprise and correct higher than most may think. For instance, we may see a flat in the works or a running triangle in the works. If those two play out, wave b can make (it should to be qualified as such) a new high.

But before we go there, the market needs to take back 1315, which happens to be the underside of the broken trendline.

However, should the market reverse most of today's drop, a daily hammer candle will form. Notice how that hammer will play out in relation to the channel chart below.

8:55 AM Update

This or...


7:21 AM Update

This or....
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