Tuesday, March 8, 2011

EOD Update [2:55 PM Update]

[2:55 PM Update]

INDU - 60 Min

INDU makes a nice complex corrective w-x-y but the triangle option also available.


Am I missing something here? With oil up, why are the transports rallying?

EOD Update

Here's an update on the daily chart. Watching MACD. The histograms are starting to kink.


SPX Primary

Still room to work in here. Though it may be difficult to count an impulse up, it is certainly possible to consider [4] complete where I have it labeled and waves 1 and 2 up for [5] are underway. But until the trendlines are busted, there are still too many options.

For instance, the market may still be working out wave (d) and possibly (c) may not be complete. The trendlines are really all that matter at the moment.

Copper futures may be working out a triangle.

One large one to consider.

Zigzag Option

This is starting to look a little off but technically is valid. We'll keep this option in mind until it's proven invalid.

Why not wait for confirmation to call any top?
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