Friday, August 26, 2011

3:48 PM EOD Update

3:48 PM EOD Update

I'm not sure where all this bearishness came from all of a sudden but this is what the primary count would project to once wave B yellow is complete. 














3:14 PM EOD Update


I believe the primary count is that a large triangle is forming for wave B yellow.

w5 min

I believe wave C of the triangle is nearly wrapping up. Early next week, I'm expecting a tiny pullback to wrap up wave x pink of Y blue.

A final wave y pink of Y blue either terminates on the inner blue triangle TL (see below) at 1185ish or pushes higher to the larger red TL near 1200. This would complete a complex wave C.


Primary Count - SPX

As stated above, I'm looking for wave C of the triangle to complete.
ES

Notice that ES looks like it may be complete or very close to completion. However, cash looks like it has a little more to go.

First Alternate Count

Should the market rally beyond 1200, I believe the next viable option is that wave c of Y launches towards 1228ish. It either accomplishes this with a simple impulse wave for c of Y or all of Y is turning into an Ending Diagonal. We should have more clues later next week.

I like this count almost more than my primary due to the bullish daily MACD configuration. However, because price still remains within the triangle trendlines, I will interpret it as such until either TL breaks; up or down.

13 Week EMA, 80 and 200 Week SMA

The market rally back above the 200 week. The 13 week EMA and 80 week SMA look like attractive targets.
W Bottom

I'm still tracking this. Again, I think the confirmed daily MACD buy signal is telling us to expect step 4 to take out the 1209 level.
Second Alternate

Should the market continue to remain indecisive and trade within the trendlines, we need to be mindful of this option as well.



3:14 PM EOD Update


This is something I'm thinking about here among a slew of options. I'll leave it at that for now and present my current primary counts later.
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