Friday, June 24, 2011

6/24/11 - Pre Market [5:33 AM Update]

[5:33 AM Update]

There's the pop. However, just noticed that the wedge may also represent a wave 4 so keep that in mind.

[5:15 AM Update]

Perhaps setting up for a pop into durable goods news?

Pre Market

Looks like ES pared back the overnight gains. Let's see what type of retracement occurs here.

Here's an interesting pattern I just noticed this AM. The previous two "peaks" as I have labeled were followed by a three-legged move down.

Notice the market put in a third similar peak? The rebound off the selloff does appear to be taking on a wedgish pattern too.

Shall we assume a third leg down is to repeat? Will it fall short of forming a new low since the 3rd peak formed a higher high? Is a diamond bottom forming here?
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