Wednesday, June 8, 2011

6/8/11 - EOD Update

Minor 4 Triangle

This still remains the primary option though the flat options are still very well in play. Since we still see three wave structures and the wave [a] has not been taken out, the logical count to go with first is the triangle.

I will add that if 1275 is taken out, wave [c] will have retraced [b] over 78.6%. Not sure of the guidelines on this but may consider that a little too steep. But then again, 80% may be acceptable or within reason. We shall see.


Minor 4 Flats

Here are the flat options (running and expanded) along with the triangle.



60 Min

The count on this 60 min still supports a three wave complex move off the highs, which supports the case for a wave [c] in a triangle.


Bear Option

We remain vigilant of this count while noting the "concerns", ie steep wave 2 retrace and the fact that a wave 4 blue would have to move sideways so as to alternate with 2 blue and not to create a 4-1 overlap. 1311.80 is the level to watch for invalidation.
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