Thursday, March 17, 2011

3/17/11 - EOD Update

EOD Update

30 Min

This bounce was almost true to script. I've been following this chart ans sure enough the market bounce as anticipated. We'll the count I was following also was calling for a bounce.

The primary count called for the conclusion of [4] yesterday and tha ttoday would have been the beginning of [5]. Based on today's actions though, I'm not quite sure.

The alternate label on the chart is that yesterday's low may have been a w for [4] and today's bounce is the beginning of an x wave that will challenge the 50 day SMA at 1302.

The 3 min chart below highlights the internal wave structure, which at the moment counts best as a double zigzag. I have placed a potential nested 1-2 up as an alternate should wave [5] be underway.

3 Min

The inverted head and shoulders and bull flag targets the 1302 area.

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