Tuesday, February 22, 2011

EOD Update [3:20 PM Update]

[3:20 PM Update]

Here's the 3 min chart for the case on a corrective down count. Just a few things that favor this as corrective.

[2:27 PM Update]

I forgot to include this chart earlier. Here's a breakdown of the waves counting the decline as a five wave structure to form either wave 1 or a of minute [4].

By this count, I'm expecting a bounce to target the 38-50% Fib retrace levels at approximately 1325-1330.

EOD Update

This is all I have time for right now. My primary is still in tact. I believe wave 4 of [3] completed today. The alternate is that wave [3] was put in last week and we just witnessed the first leg, wave a of [4].

I'll try to post more charts and my thoughts later. It is possible to count five waves down but there are some issues with it. Regardless, I believe a bounce is in store since 1313 held and a close above the 20 MA and above some pretty decent trendlines.

Do we treat both ME issues as a dip buying opportunity? Hmmm.....
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