Wednesday, September 14, 2011

5:42 AM Pre Market Update

5:42 AM Pre Market Update

I guess before I jump the gun here we should be watching the upper falling wedge TL which currently sits at approximately 1182.

Check into the chat room for live count updates.

5:00 AM Pre Market Update

Another overnight reversal "miracle".  In yesterday's EOD Update, I mentioned the possibility (#2) of a very bullish nested 1-2 1-2  gap and go over the 20 day SMA.

Granted there is 1.5 hours remaining for the market to open but should this hold, the blue count is the one to watch for now.

The other color options are not out yet and we must keep an eye on the descending channel (dashed pink) created using the 7/22 and 8/31 highs. That still may act as the upper TL for the larger falling wedge that the red, green and purple counts are tracking.

Remember, even with this potential gap and go at the open, this is still the only third leg up off the 9/12 low.

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