Thursday, June 23, 2011

6/23/11 - EOD Update [9:24 PM Update]

[9:24 PM Update]

Here's a 1 min view on the count. There are a few wxy alternatives as well.

I'll be keeping an eye on the 1286-1294 range.

The eur/usd looks like it may be forming a triangle. See the gold trendlines.
EOD Update

Last night I was looking for a pullback into the 1280 zone. The impulse option I presented last night is out, however, the double zigzag structure for wave [d] is still in progress. Granted today's pullback for wave x is pretty steep, however, the rules have not been violated.

It is possible that wave a of x may have been the selloff and the resulting bounce wave b. So one more leg down may be in store.

However, I'm leaning more towards the move at the end of the day as the beginning of wave y of [d].

60 Min


Minor 4


Minor 4 Triangle


Bear Option


That surely doesn't look like a complete wave (5). If so, it's truncated. And if there is more to come we may have only witnessed waves 1 and 2 of (5).


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