Thursday, July 21, 2011

7/21/11

I'm on vacation but wanted to post a few different charts I'm watching. My primary still has us in Minor 5 up. However, given a daily MACD buy signal and the weekly starting to hook up, we must consider the weekly chart I posted yesterday. I posted it again below.

Let's see if 1344 is near term resistance. It makes for a pretty clean 78% retracement off the wedge. For those who may consider it a Leading Diagonal (see 60 min chart), this would be the area to stop the bounce.

Minor 5 - Primary

Near term resistance?

Bullish Weekly

With MACD hooking up hard, we must consider this count option.

Non-Log

Watch these trendlines. The blue TL targets 1356.


Log
1356 is the target for the lower blue TL.

Cup and Handle

If the rim breaks, the target is approximately 1450.


60 Min

Notice the LD option there. 1344 is 78% retracement. If this is an LD, it may still represent wave a of [e] of my tri with this current rally wave b.
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