Wednesday, April 6, 2011

4/6/11 - EOD Update [4:50 PM Update]

[4:50 PM Update]

Because of that little spike higher today this is something to consider. I kinda like it. The max length for wave 5 red is 1343 (to be safe let's just say 1344). Anything above and this count is incorrect.

[2:31 PM Update]

Here's a 1 min chart showing the move off today's high as a corrective count. I've been trying to see if there is a way to count it as impulsive but I have yet to find a way. Don't forget though that it may still represent the first leg of a corrective move down so just because it's corrective doesn't mean it can't put in a lower low.

EOD Update

The market remains above key levels and MAs so we'll have to just lean towards the ascending triangle pattern once again. I believe it is still intact and was initially faked out this AM.

Below are several count options. I'm not too sure which one I believe more than the other so let's just see what happens with this consolidation up here.

This last chart shows a potential flat in the works that may target 1330 and possibly 1320. Just keep this one in mind.
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