Tuesday, May 24, 2011

5/24/11 - EOD Update [8:19 PM Update]

[8:19 PM Update]
ES

Some selling in ES tonight. I was tracking a falling wedge which may have seen a throw-under to complete the wedge. However, we must be mindful of the market's continued path within the channel.

Looks like it may have reached near the bottom now. Watch MACD for +ve divergence building.

[3:30 PM Update]

60 Min Corrective Count

A few other options with this but I just leave it as is until the market tells me otherwise. One thing having me question that triangle b (blue) wave is the fact that MACD has turned up.

EOD Update

All the options I have been presenting are still valid. The market is still chopping up and down which leaves all these options open.

The market is still within the down channel and still closed below the 20 and 50 day SMA so near term the trend is down.

Been busy lately but will try to post some squiggles later.

MINOR 5 EXPANDING DIAGONAL OPTION

MINOR 4 FLAT OPTIONS

MINOR 4 TRIANGLE OPTION

THE OTHER COUNT TO PONDER

BEAR COUNT


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