Tuesday, September 27, 2011

4:45 AM Pre Market

4:45 AM Pre Market

What a rally overnight. A little over 1.5 hrs to go til the market opens but I think the 1180 target as mentioned in yesterday's EOD post is a likely target. 

ES may be confirming the blue count option and copper continues to hint at confirming my bullish longer term count. Copper is setting up to confirm the massive hammer it put in yesterday.

I'll be keeping an eye on the VIX again today. Absent a sharp reversal today, the VIX should put in a lower close from yesterday, which should be the final step in confirming the equity buy signal. This coupled with EOQ (End of Quarter) window dressing and this leg up may have some legs further confirming the blue count.
ES - 60 Min
I'd like to see it clear the upper channel of this fork. So far ES has retraced > 62% of the move recent five wave decline.
HG - Daily

HG - Closeup
The hammer confirmation is in progress. It's still up there but a rally above 3.818 and the decline off the 2/15/11 high will be deemed a three wave corrective move.
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