Wednesday, March 9, 2011

EOD Update [3:56 PM Update]

[3:56 PM Update]

I almost forgot about this combo corrective count I mentioned in the chat room earlier this morning at 10:48 AM.

Combo Corrective

Per this count, it is very close to complete if not already complete.

Here is EWI's figure of a combo correct. Frequent readers here have seen this one a few times now.

EOD Update

The action still smells like triangle to me. I continue to watch the daily MACD histograms as they resume their trend back to positive territory.


I am now more convinced that wave (d) is in progress with the remote possiblity that (c) may also still be in progress. As mentioned in the past, waves C or D in a tri are complex. Obviously this nasty choppiness is suggesting that this is what is going on.

Zigzag Option

This would make the most sense for a ZZ for minute [4], which means a stab at the highs first before down to 1280ish

Bullish Option

This one may be a stretch but I'm going to put it out there even with it's problems.


Though I have the wxy corrective labeled there as the primary, the triangle easily fits as well. In fact, it looks like wave d was put in today. Notice though that waves 1 and 2 up of [5] may also be considered in progress.


The trannies continue to build on it's momentum. Looks like there is a daily MACD cross in place. A follow thru in the next day or two would strengthen the case that wave 5 up was underway..

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