Tuesday, May 10, 2011

5/10/11 - EOD Update [8:22 PM Update]

[8:22 PM Update]

DJI Daily

I really like this count for the DOW. I have a count for SPX as well that matches this.

EOD Update

I have presented several options for quite some time and all are still valid. However, given the move over the past several sessions, I'm going to give more weight to the Minor 5 ending diagonal option as presented below for the following reasons:

1. We continue to see choppy wave structures up and down
2. The market continues to make higher highs and higher lows
3. MACD (daily) is turning right near trendline support. I have mentioned this a few times now that I would be watching this
4. RUT is sporting a very similar count.

The caveat to all this, however, is the fact that the DOW is not sporting a legit ED. In fact it is just sporting a simple impulse up for Minor 5. See the last two charts below. **And one could argue that this leg up, which appears to be coming to an end, may only be the end of Minor 3**

If you want to see the other options, refer to yesterday's EOD post.











blog comments powered by Disqus