Monday, August 15, 2011

8/15/11 - EOD Update

EOD Update

Looks like we got the rally as expected last Friday. The corrective count option looks like this bounce may be complete.

The bullish count option implies an extension higher. A bearish wedge appears to be developing though so we must keep that in mind.

Near term I think the market may pullback here but not necessarily test the 1100 low. I still believe a backtest of the common MAs (i.e. 20, 50 and 200) is in progress.

Both corrective and impulsive counts support the near term pullback as an option as well. The next day or two.

For what it's worth at the moment, I show a 1.618 extension of wave 1/a blue from ii/b targeting the 1226 level.
blog comments powered by Disqus