Saturday, June 11, 2011

6/10/11 - EOD Update [7:23 AM Update]

[7:23 AM Update]

Here's a fractal/self-similar pattern worth watching? 38% Fib retrace near 1230.
EOD Update

For the primary count I'm still watching the triangle, however, given that the 1275 level or 78% retracement of wave [b] was taken out, I will admit it is iffy. However, because a wave [c] retrace in a triangle and a wave [c] in a running flat are nearly identical and interchangeable, I'll just assume it's a tri in progress. If not then it's a running flat.

60 Min


The 60 min chart above is looking for an ED for wave (Y). Either wave 3 of (Y) is complete or one more little leg down is required. It is also possible to count the completion of wave (Y) as well. A break up through the orange descending trendline will help that case.


Minor 4

I'll start posting this chart again more frequently. It contains all three of the options I have been tracking: 1. Triangle 2. Running Flat or 3. Expanded Flat.

BEAR COUNT

This count continues to build and notice that wave 3 of (3) blue is forming it's acceleration channel? However, keep in mind we still only see two waves (at best maybe three) , (1) and (2) down with (3) in progress, so it still fits with the Minor 4 options above. Until we see five complete waves with the (1), (2), (3), (4) and (5), we'll just keep an eye on this count.


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