Wednesday, June 29, 2011

6/29/11 - EOD Update [8:42 PM Update]

[8:42 PM Update]

Earlier today in the chat room I was looking for a 9th wave for ES. Well it looks like we may get it in the form of a wedge, which would be fitting for the end of this leg.

EOD Update

60 Min

As I posted last night, should 1300-1303 be taken out, the market may head towards 1313-1320. So far this third leg wave c/y for [d] is on track.

I haven't had a chance to drill down the squiggles, but it may be pretty close and in fact, the 5 min chart below has one option for that. It is possible the move at the top there may be setting up a flat so we'll see what tomorrow brings.

Minor 4 Triangle
This is still my primary count.

Here's a bullish channel I'd been watching along with the MACD trendline. The trendline was broken thru last week.

If history repeats, this is a pretty similar looking pattern.

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