Thursday, June 9, 2011

6/9/11 - EOD Update [10:00 PM Update]

[10:00 PM Update]

RUT - Daily

Was watching this. Perhaps?

EOD Update

Not much to add today. The triangle count is still my primary.

I think we witnessed a pretty clean five wave impulse up off the 1277.42 low. This is either wave 1 of a of [d] or wave a of [d].

Granted 1295 is still a major hurdle to clear. I believe it will be taken out tomorrow assuming the five wave count up is legit and as long as it is not a wave c of an expanded flat (See that potential at the bottom).





I think the pullback into the close is working on wave 2/b which should tag the 38-50% retracement level and backtest the lower trendline the market climb back through. This will form a right shoulder of a potential inverse head and shoulders pattern.

Will this one pan out this time? If it fails, it will certainly signal that things have really changed since they followed through without fail throughout the last year or two of the rally whereas the head and shoulders reversal patterns would fail on the way up.

Here's the strategydesk version that I posted in the chatroom but do not have access to right now.

This is still the primary count.

Flat Option
Must remain mindful of this option.

I can't post an update to my bear count but here is the last one I updated in the chat room at approximately 10:38. Obviously the market is back above the lower channel. That's the same channel as the lower blue line on the 1 min TOS chart at the top.

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