Wednesday, April 27, 2011

4/27/11 - EOD Update

EOD Update

Howz about just a simple the trend is up? Daily MACD looks strong and a few simple charts below point to higher highs to come.

The most bearish count I see at the moment is the minor 4 flat potential which is still on the table. The ED option I presented the other night is also on the table but I would like to see a three-wave substructure for subwave 3 first. Other than the flat potential, I believe Minor 5 is in progress.







It's still an unorthodox inverted head and shoulders pattern that has played out throughout this rally that shouldn't be ignored. The neckline broke and was backtested. So unless the neckline fails tomorrow or sometime next week, 1440 should be one one's radar as a potential level the market wants to hit.

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