Monday, May 16, 2011

5/16/11 EOD Update

EOD Update

I would like to see some type of resolution here soon but as I have mentioned before along with the various options, this market is set for maximum frustration.

Minor 5 ED Option

This option is still in play. I have added the do or die line for this count at 1294.70.

Minor 4 Flat

This one is just working on it's way down to a few different targets.

This scenario here still shows a potential falling wedge in play. The lower trendline of the wedge held along with horiztonal support for a potential descending triangle (pink).

If this pattern is in play, the market is headed for 1300.

Here's a bullish alternative to the potential descending triangle

And the other side of things.

The other one I call max frustration.

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