Tuesday, July 19, 2011

7/19/11 - EOD Update [4:57 PM Update]

[4:57 PM Update]

5 Min

Earlier in the chat room I presented this count as an alternate but I believe this may work for an impulse count up.

Once all five waves are complete, I'd expect a 38-50% retracement towards the 1315-1313 level. This would make for a nice right shoulder of an inverted head and shoulders pattern.

EOD Update

The primary count is that wave 1 of Minor 5 is complete or near completion today. The alternate count is that a complex corrective wave up labeled W completed or is near completion today. This alternate assumes that an LD developed off the 1356 high.

If wave 1 is complete, I'll be looking for a pullback for wave 2 or possibly x. A decent spot to touch down may be 1315-1310.

An inverted head and shoulders bottom may be developing here if such a pullback occurs in the next day or two.

5 Min

60 Min

Daily Primary
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