Wednesday, March 16, 2011

3/16/11 - EOD Update [10:38 PM Update]

[10:38 PM Update]

ES

ES looks like it may have completed it's double zigzag. We'll see tomorrow.

I keep forgetting to post this chart for the corrective options I'm following. I addressed this back in January. So far the red labels are on point (minus some slight adjustments).

EOD Update

The bears have been getting their fill as of late and it should go without saying that the trend is down.

The market continues to stair step down in three wave structures, which leads me to believe that some type of corrective wave down is in progress. In my case, I believe it is part of minute [4].

A caution for the bulls though. The weekly MACD has crossed down and a 1220 looks like a potential target. Based on my primary count, there may be an intervening b/x wave bounce first if April is repeating.

30 Min

Could this three wave structure be counted as complete today? Very possible. Keep in mind it may only represent a larger degree wave (a)/(w) of [4], which means it will be followed by a bounce for (b)/(x) and then another leg down possibly near 1220 for (c)/(y).

Always keep in mind the options for a flat and tri to play out too. You can see the tri potential on the weekly chart below.

3 Min

Is it aiming for the lower channel? That area is approximately 1235.

Weekly

A cross down. Trendline support and a 38% retracement falls right around 1220. Notice a potential for a tri to develop too?

April Repeat?

Almost looks identical here. If it is playing out the same way, a sharp rally should start tomorrow.
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