Saturday, May 7, 2011

5/6/11 - EOD Update [11:35 PM Update]

[11:35 PM Update]

MINOR 3 OPTION

As recent as 4/15/11, I had a similar count for the one above implying that the market was only working on Minor 3. I think this option needs to be brought back to the table. Let's keep an eye on this one as well.

[10:35 PM Update]

PCLN

I don't recall if I posted a count for PCLN on the blog vs the chat room. Anyway, here's an update on the H/S break. Keep an eye on the wedge (there are a few) that is forming. It's possible it may not hit the H/S target.

EOD Update

I really don't have much to add to the count options I have been presenting. I do believe the wave action is still choppy which leads me to believe that either the ED or Flat is playing out at least more so than the bullish Minor 5 option. I believe it boils down to the Minor 5 ED or Minor 4 flat options at the moment.

The daily MACD crossed down through it's signal line yesterday. It will need further confirmation for a sell signal. What I'll be watching closely is how it reacts if and when it approaches the trendline support just below.

As far as repetitive patterns go, I'm also watching the chart I have labeled as father and son. So far everything seems to be playing out. I've posted this chart a few times now over the past week or so.

However, it just occurred to me that I had tracked a similar pattern since last July and completely forgot about it. I believe this was the first time I posted on this idea here. I think we may be seeing the same thing once again. This may make sense if you believe the market wants to target the 1400-1440 level.



MINOR 5 ED


MINOR 4 FLAT

MINOR 5 BULL OPTION

FATHER AND SON


5/6/11

7/23/10
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