Thursday, May 26, 2011

5/26/11 - 9:52AM Update

9:52AM Update


Here's a version of TF with Fib extensions.
9:28 AM Update


With that hrly +ve MACD divergence and a fairly decent looking impulse wave up, I would bet that rut breaks out of that falling wedge.

Pre Market

Holding above the mid channel for now after the release of the GDP and initial claims data.

The left shoulder resides at 1310. A 62% retracement of yesterday's bounce is also also at 1310. So should we see a pullback here, let's see if this level means anything.

One thing I can see it doing is wedging it's way down the mid channel and complete a wave b of [d] of the triangle I have been proposing. Wave a of [d] was all of yesterday's bounce.

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