Thursday, September 22, 2011

7:43 AM Update

7:43 AM Update

Here's a modification of the blue count. We should remain mindful of this option.

Of course the red option has managed to pull neck-and-neck with blue.

Notice that SPX is still within the range and still forming three wave structures.

For real time updates, I'll be posting counts in the chat room.

5:19 AM Pre Market Update

This fork may be relevant

4:30 AM Pre Market Update [RED ALERT]

ES is off substantially overnight. As of this writing, it is down approximately 27 points. You would think both the blue and green options would be invalidated by now, but they are not. To a large extent, I wish they would though so that it would be easier to track just one main count.

Any way take a look at the max levels these counts can pullback to before becoming invalidated. The red count continues to strengthen it's case. If red is truly playing out, 1080 is a target I see for this market in the near future. Last night I posted my larger picture count so you should have an understanding of the implications for the red count.

The key levels at the moment to watch will be 1145 and then 1136.

ES - 4 Hr

Blue Count
I will be watching the green TL and the 90% retracement level of wave (a)/(w) at 1144-1145. If this doesn't hold, then 1136 is the next area to watch for support but this would mean a 100% retracement.

Green Count
Based on this count, a wave e low at 1145 places wave e right at the lower end of the triangle so this still remains absolutely valid.

Red Count
The most bearish one of all and look at the Fib confluence at 1080. Wave iii red = 1.618*i i red at 1080 and wave C yellow = .618* A yellow at the same level.
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