Monday, June 27, 2011

6/27/11 - EOD Update [6:27 PM Update]

[6:27 PM Update]




EOD Update

My primary count is that wave [d] of the triangle is in progress. The market is currently working on wave 3/c of y of [d].

60 Min

5 Min

Blue 4 cannot retrace beyond 1279.93 or the impulse count is out. However, the pullback into the close may have been wave b.

I'm still watching this diamond bottom potentially forming. The gray trendline acted as resistance but I think the market may want to challend the pink trendline there that connects the 6/1 and 6/22 high.

For balance, one more pull back may be required to form 'Low5' before breaking up and out of the diamond. We shall see shortly.

If everyone is watching the Greece situation, this may be setting up for break out once the austerity measures are approved.

Bear Option

And the bear option is working out a triangle. Let's see if it remains within the trendlines.
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