Wednesday, August 17, 2011

8/17/11 - EOD Update [9:18 PM Update]

[9:18 PM Update]

Here are two charts below that go with the bigger picture below.

With this option, wave X green may be complete per the first chart at the EOD update today.

This chart is a little more bearish with the head and shoulders potential. The H/S target is approximately 1160.

This target lines up with the wave c blue projecting 1.618*a blue based on the triangle chart below.

EOD Update

Yesterday's impulsive count option has been ruled out. The next best alternative for new highs is the corrective count I have below which I have previously presented.

If this count is not correct, wave 5 down is upon us with a wave 3 of 5 selling beginning tomorrow.

I can't post the chart yet but I also discussed the possibility of an expanded flat in the works. This would line up with the potential inverted h/s pattern at the 1184 low today. I'll post that chart later tonight.

I'm trying to figure out if wave X green is in progress. If so, one more leg down will do it.

One more leg down to complete X?

ES may have already provided a clue.
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