Tuesday, April 12, 2011

4/12/11 - EOD Update [6:19 PM Update - ES AND MINOR 3 TOP OPTION]

[6:19 PM Update]

MINOR 3 TOP OPTION

I'll explain this option later.




Couldn't get Prophet up and running so I'll post the ES chart with TOS Charts. Waiting to see if there is another leg down after a potential x wave bounce. Or does the inverted head and shoulders play out right here.

So far, not too confident with an impulsive count up either so the x wave bounce for tomorrow is the more likely scenario.

EOD Update

No real counts at the moment because I'm trying to figure out whether the market has topped and if it has, what does it represent? There are too many options. For the time being I'm focusing on the two charts below, the potential inverted head and shoulders that is developing, which may have put in a right shoulder today and the fact that the market closed above the 20 SMA (middle of the BBs).

It is possible to consider that the correction is complete and a march to new highs may be in store. However, given that the market closed below the 50 MA and the daily MACD is rolling over and virtually on a sell, the last chart below would be considered the primary count should the market desire a lower low. Until it makes a lower low, it will be the alternate.





This would be the primary count if a new low is made. Until then, it is an alternate.
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