Monday, May 2, 2011

5/2/11 - EOD Update [6:30 PM Update]

[6:30 PM Update]

My two best bigger picture options are below and I really like the minor 5 option. I believe minute [3] may still be working itself out.

Minor 5 Option

Minor 4 Option

EOD Update

15 Min - Impulse Option

I'm still thinking this is still favoring one more push towards 1370 again. A few options on that chart.

A positive MACD divergence developed on the 3-5 min time frames so we'll have to see if an x wave bounce is in order. Ther

Notice the wedging nature of this structure? It may be a leading diagaonal or a double zz which may call for a another leg lower but a sharp bounce should result for either once complete if not already complete.

Corrective Option

This count may have the rally complete and a larger double zigzag is in the works with a target of 1350 or a more bearish nested 1-2 i-ii off today's high.
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