Friday, May 13, 2011

5/13/11 - EOD Update

EOD Update

Glad Blogger is finally back up. My top two options have not changed.

I still have the Minor 5 ED as the top choice with the Minor 4 Flat very close behind. I made some adjustments to the Minor 5 labels and now believe minute [4] may still just be wrapping up.

One thing I believe gives the Minor 4 Flat option an edge is the continued daily MACD sell signal.

Bottom line, the trendlines are the things to be watching to help resolve these counts. The Minor 5 ED option is out if 1294.70 is taken out and a push above 1370 will rule out the Minor 4 Flat option. Should a new high be made, I'll bring the other bullish alternatives to the front as well. No need to do so now until this range is broken

MINOR 5 ED OPTION

MINOR 4 FLAT OPTION

FATHER AND SON

After touching down to the label 4, I questioned whether we would see a range-bound action in the market in comparison to the other fractal. So far it's playing out true to form. The remaining concern however is the confirmed daily macd sell signal.

A repeating structure here calling for a lower move to come down to the lower trendline? That lower trendline originates off the 1189 (Nov 2010) low and 1249 (Mar) low. Need to watch this.

This chart here is a bigger picture of the chart just above and how it may be repeating.

And another way to count the move off 1370 as corrective.

Ok. Will look at other things over the weekend. Have a great weekend all!!
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