Thursday, August 25, 2011

EOD Update

EOD Update

5 Min

This is the primary count. I have wave y pink wrapping up in an ED within a larger falling wedge.

Once this is complete, I'm expecting a push up in a wave 3/c higher. Should my primary for B yellow turn out correct as a zigzag up, this leg should take the market past 1200 and eventually complete the impulse for wave c up near 1224.

However, should it only take the market up to 1200, see the triangle option below.

The bigger picture primary.

Here's the isolated view of that triangle for wave B yellow.

W Bottom

This pattern is still developing and remains on track. The big question now is what step is it in? Did it just complete step 2 ( I believe that completed on 8/17) or is step 4 in progress. Perhaps the daily MACD confirmed buy signal provides a clue.

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