Tuesday, June 28, 2011

6/28/11 - EOD Update - 1313-1320 TARGET? [10:20 PM Updte]

[10:20 PM Update]

RUT Daily

Another take on the RUT count.

REPEAT?

Another repeat? Remember november last year? Many were counting that pull back as the beginning of a new five wave move down. So just be careful if you are biased with the bearish count.

EOD Update

My triangle is still the primary count and so far things are point up for the completion of wave [d]. It is possible that Minor 5 may be in progress but I'm still having thinking the move off the 6/16 low may not be impulsive.

1300-1303 looks like the next area of resistance. If it can clear this level, I think 1313-1320 is next.

Reasons why the market may be headed for 1313-1320:

1. The 50 day SMA at 1316.89
2. Upper daily Bollinger Band at 1312.07
3. Descending trendline connecting the 5/2 and 6/1 highs at approximately 1320
4. Diamond bottom target of approximately 1329


60 Min

Minor 4 Triangle


Bear Option

We remain mindful of the bear count. The triangle option for wave (4) is out. The next best explanation is a wave (4) flat. 1303 again would be the next target.

[EDIT 10:20 PM] Don't forget this five wave count down may also apply to a larger wave c of a Minor 4 flat.
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