Wednesday, March 23, 2011

3/23/11 - 8:14 AM Update

8:14 AM Update

(x) Wave Flat Option

The more I look at things this may very well be the primary option at the moment. Very close. I'll say a tie at the moment.

One thing that makes me think this may be the case is the fact that the MACD histograms continue to trend higher versus in April it clearly started trending down before the next leg lower.

So to recap here are the options:

1. Wave (x) of [4] is complete and wave (y) is underway
1a. Wave (x) will eventually challenge the highs. (I think if 1300 is taken out, this will be a good sign that this sub-option is in play)
2. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
3. A bearish nested 1-2 down.





AM Update
Over the past several days I presented the following options that I was keeping an eye on. With today's little breakdown, I would say Option 1 is most likely out.

1. Minute [5] underway with a nested 1-2 count up.
2. Wave (x) of [4] is underway
3. Wave (x) of [2] of Minor 3 is underway
4. A bearish nested 1-2 down.


I have bumped up options 2, 3 and 4 to the top. The daily, 60 and 30 min charts below highlight my current thoughts. So in order:

1. Wave (x) of [4] is complete and wave (y) is underway
2. Wave (x) of [2] of Minor 3 is complete and wave (y) of [2] of Minor 3 is underway
3. A bearish nested 1-2 down.

*** Note on the daily chart I have a sub-option for (x) testing the highs, which would set up a potential flat scenario.****


Daily

30 Min


60 Min - Bear

APRIL REPEAT

This chart once again has been the playbook. It supports all three options above as well.
blog comments powered by Disqus