Monday, March 7, 2011

3/7/11 EOD Update [4:30 PM Update]

[4:30 PM Update]
HG- Copper Futures

Previously I posted a potential inverted head and shoulders pattern for HG. That is out, however, zooming out, a large triangle may be in play that would be consistent with ES and SPX.

Higher lows are still being made.

EOD Update

The bullish primary I posted yesterday is obviously out. However, the triangle is still in play especially with ES.

Higher lows are still being put in so the chances a triangle is in play continues to hold. In E-wave terms, wave C or D of a triangle is usually complex. I have brought this up before and with the updated SPX count below, I show that possibility with wave C of the tri.

A larger ascending triangle may also be in play or a complex corrective which has completed or is near completion.

ES - 30 Min

So far found support at the lower trendline.

SPX - 30 Min Primary

A few sub options here. [4] may be in or a more complex triangle or larger ascending triangle is playing out.

Zigzag Option

A break of the wave c red low would be a start in signaling that this count is in play. Ultimately a break of the wave (a) low should be taken out to confirm this count. Until then this is still in a holding pattern.

The case can be made for a more bearish option, but that would be jumping too far ahead. Let's see what happens first with the wave (a) low.

Larger Triangle Option

Not too sure about this but something that may be in play.
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