Tuesday, August 30, 2011

EOD Update [5:50 PM Update]

[5:50 PM Update]

Just a chart I posted in the chat room earlier.

EOD Update

I am liking the wedge at the moment. The market really appears to be building one at the hourly and 10 min levels.

By the close, I show an ED forming at the top for 5 yellow on the 10 min chart to complete what is wave 3/c blue on the hourly.

The pullback into the close indicates to me we should expect to see another degree wave 4 for the hourly ED.

Granted, today's high of 1220 may also qualify as the end of a zigzag off the 8/9 low, however, I think with the W bottom and Adam and Eve double bottom patterns I have highlighted being confirmed for a second day, I think there is potential for a little more upside.

As I have stated in the past, I was expecting a test of the 50 day SMA and if anything possibly a test of the upper daily BB, which is currently at 1246.

Need to run for now. Will post more later.

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