Monday, July 11, 2011

7/11/11- EOD Update [8:14 PM Update]

[8:14 PM Update]


Hmmmm... You decide if a triple macd +ve diverg develops.

Here's a look at my RUT count. Per EW channeling techniques, 5 could be done if it wants to only tag the mid channel. However, this could just be wave 1 of 5.

If it is complete, wave 5 will be considered truncated since it does not may a higher high.





[7:29 PM Update]
ES is down quite a bit tonight. I'll be keeping an eye on the 15 min MACD trendline there for clues to a possible bounce should a triple positive divergence develop. The retracement is near 50% as well.
[4:13 PM Update]

Weekly

Here's a chart I presented about a week ago or so. If I'm wrong about the wave 4 of Minor 5 pullback or [e] of minor 4, this weekly count may be the one in play.

I don't have it on there but MACD is curling up, which may be setting up for the wave iii launch to the upside.

[3:46 PM Update]

Here's a 5 min view of the count with the following options:

1. Five waves down in red that ended today either representing a larger degree wave 1 or A.
2. Three waves down with wave 4/x in progress possibly targeting 1325. Note this also sets up a potential double zigzag down.
3. A bearish nested 1-2 i-ii down with the wave ii bounce to approximately 1325 tomorrow.


EOD Update

This is still my primary and as previously stated, the wave 4 pullback is nearly identical to the wave [e] pullback.

Let's see if the 50 day SMA and the descending TL off the 5/2 - 6/1 highs completes this 4 of [e].

I have a few bearish counts in mind but will post those later tonight when I get a chance.

At minimium I say a bounce is in store tomorrow. How high will be the question. More later.
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