Tuesday, September 13, 2011

5:30 PM EOD Update

5:30 PM EOD Update

This is a 15 min view of that 3 min count below.

Either a triangle forms for wave b/x or a flat down to the Fib confluence near 1155.

2:28 PM EOD Update

Once again it's very nice when a plan comes together. Yesterday I was looking for a minimum bounce target between 1170-1180 so 1176.41 is not too bad.

Unfortunately I added another count option I have labeled green. I was hoping to eliminate counts and not add to them but it is what it is.

As you'll see below, the wave structure off the yesterday's low is critical in determining where we are in relation to my count options below.
3 Min
Here are the main options I'm watching on this 3 min chart:

1. A three wave a-b-c structure completed today.
2. A very bullish nested 1-2 1-2 up is in progress and this gaps and goes tomorrow above the 20 day SMA, which has still provided resistance.
3. A wave B/X triangle is in progress before one more leg higher is made. 

As you will see below, all count options require or may have a three wave move up as highlighted by option 1 on that 3 min chart.

Collective Counts

Blue Count
Looking for the end of wave (a) of (Y). Right now trying to figure out if wave ii of (a) has been put in or is wave i of (a) is still completing.

Red Count
Looking for the end of wave iv of C.

Purple Count
Looking for the end of wave iv of (X).

Green Count
Looking for the end of wave d of (B).
60 Min Bollinger

This looks a little bullish. MACD trendline break and positive divergence.
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