Thursday, April 7, 2011

4/7/11 - EOD Update

EOD Update

What a crazy day today. Wild swings up and down with no real commitment in either direction. At 12:05 PM today, vodavi from the chat room posted a triangle chart that reminded me of the combo corrective pattern I posted at 12:05.

To keep things simple, that is my primary count. I don't know whether it's a wave 4 or X or B. All I do know with a decent amount of certainty is that it counts corrective.

I also believe the structure completed right at the close and a march to 1342 continues.

But on the other hand, we must be mindful of one potential count that has the top in for this leg up. It is the second chart below. Given the 15 min macd buy signal being confirmed, that count may be invalidated pretty quickly. An obvious sign that this count is correct is a break below 1326.56.

The primary near term.

Some form of top is in.

This is the only count I'll post that would make sense if wave 1 is correct. There are some issues with it but it may be considered an expanding leading diagonal.
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