Friday, August 26, 2011

5:51 AM Update

5:51 AM Update

3 Min

After looking at the squiggles one more time, I made a slight adjustment to the count from yesterday. There's really no difference here in the outcome other than the technicalities in the labeling.

Per this count, one more little little down would be expected for wave c of y of c/y. Some targets are :

c=.62*a = 1152
c=a = 1148

The alternative to the count though is if c of y is still forming an ED. If that is the case, the drop at the open would be wave 3 of c. If this is an ED, this third wave down cannot be greater than wave 1.

The wave 1 length is 11.28 pts. Wave 3 is starting from 1159.91 so it cannot extend beyond 1148.63 (1159.91-11.28).

5:23 AM Update
We will know shortly if this is a wave d or if there is gonna be another push towards the upper TL which is approximately at 1180.
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