Tuesday, July 12, 2011

7/12/11 - EOD Update [9:54 PM Update]

[9:54 PM Update]

Here's the more bearish count option I mentioned earlier.

Cup and Handle?
[6:35 PM Update]

Another reason for a bounce that may be in store. The Head and Shoulders pattern I presented the other day has nearly been met along with the backtest of the 5/2-6/1 descending trendline.

[6:18 PM Update]

Here are two corrective count options I see playing out.

1. The corrective wxy completed today right at the 1313 pivot, mid channel and lower trendline that forms that bullish falling wedge I presented earlier.

2. Today's decline into the close was wave a of y. Tomorrow a bounce for b near the upper channel at approximate 1318-1320 and then a drop for c back towards the lower wedge trendline.

For the more bearish options: please refer to my chart from yesterday's EOD update. I was expecting a bounce for wave 4/x towards the 1327 area, which we saw today. This may also represent a wave ii bounce of a bearish nested 1-2 i-ii.

The decline into the close, for the bearish case, represents either wave 5, a wave a of y, or the beginning of wave iii of the nested 1-2 case. I'll try to post that chart later.

EOD Update
It hit that 38% on the nose before reversing. If that is a 4 throw-over than 5 throws-under. However, there may be a few corrective count options there that may have this move complete.

Hmmm.. This still looks bullish. We'll see. I have a few count options in mind (of course).

Check back later.
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