Tuesday, August 16, 2011

8/16/11 - EOD Update


EOD Update

Yesterday I was looking for a pullback today and sure enough the market prove to be corrective. Is it the beginning of a retest of 1100 or will one of the 5 min counts below play out?

The question is how high will that bounce be and will it target the common daily MAs (ie 20, 50 and 200). So far that is what appears to be the case.


5 Min Impulsive

Is this a five wave move representing just wave a of iv or is this the beginning of a much more bullish move?

5 Min Corrective

A larger corrective option for wave iv.

I haven't posted the larger view in a while. Just so others aren't confused with my 5 min charts above, the primary view whether bullish or bearish, is that I'm looking for a wave iv bounce.

Bullish

Bearish


Here's a random count I have to calling for a another test lower. We shall see.

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