Wednesday, July 6, 2011

7/6/11 - EOD Update

Here's the near term count. It certainly looks like some type of wave 4 ascending triangle and looks like the 1-3 channel (blue) may provide the support needed for it's completion.

However, there is s still room for a flat to develop along with something a little more sharp (see bottom chart).

A possible repeat of the 6/21-6/22 structure? I remember I was counting an ascending tri here as well only to see the bottom fall out. So we need to keep this in mind.
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