Wednesday, September 14, 2011

2:48 PM EOD Update - Squiggles and Pitchforks

2:48 PM EOD Update - Squiggles and Pitchforks

Blue Count - Primary
Here's the isolated blue count. iii=i. I included the 1.618 extension target. I'm not sure how likely that is given the reversal at the close but we must mindful of that target.

5 Min
Here are the squiggles for the wave structure  off the 9/12 low. So far this rally is still only a three wave structure. A 4th wave without an overlap into wave 1 will imply that at minimum a second five wave leg higher will be in store to form a larger three wave structure 1 degree higher.

For tomorrow, I'm gonna focus on the two Fib retracements on the above charts. The levels I'll be watching are between 1187 and 1177.

I believe wave iv or x will fall somewhere within that range. Should the market pullback further then these levels, I'll start to address the green, red and purple counts.

1 min
I was straining my eyes counting these squiggles in real time to cap off wave iii/c. That's quite an extension.

15 min Andrews Pitchfork

So far price has reacted as Andrews' had postulated and returned to the median line. Will it now channel within that lower fork? Or is this leg up complete? If so, see the same chart below.

15 min Andrews Pitchfork
Should a new leg have started down, there's the median line target.

1:10 PM EOD Update 

Hope you caught this morning's Pre Market Update. Today's high printed 1202.38. The blue count (which is the primary count) called for wave iii to tag 1203.

All other count options remain valid because of the reversal into the close but we shall continue with blue as the primary and next followed by green.

Need to run for now. More on this later.

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