Friday, September 2, 2011

EOD Update

EOD Update

Another 2.5 % day for SPX and RUT appears to be working on a very clear five wave impulse down.

Below I've made some final adjustment to the options, which for the most part remain valid. I added a purple count option, which I think could be a serious contender should the market continue to trade sideways in this narrowing range.

The red count, as was shown earlier, had the biggest change and that was completion of the correction for wave B yellow at the 8/31 high. But until the market breaks below the red X wave low, we must give consideration to the blue and green options as well.

For the bigger picture see the daily chart below.

60 Min

Daily

The 60 min chart above is looking for the completion of wave B yellow. Once complete I'll be looking for a wave C low between the 1011-930 range.

9:04 AM Update


Though the red count should be treated as the primary, I still like this option. Let's see if wave iv blue retraces to 1193 with v then completing back near 1172 at the 20 day SMA.


7:30 AM Update

Unfortunately I had to update the counts. The red count has been restored to it's original labeling with the blue counts taking the alternate seat.

In the live chat room I mentioned that I wasn't too sure about the blue count at this point, however, the second chart below was something I posted yesterday for signs of a wave 4 bottom. Well with the 4-1 overlap today, it cannot be a wave 4 and hence the X wave option.

Bottom line is I think that hourly MACD TL will be telling. If it provides support, the blue count option has to be considered.

6:32 AM Update


If you have the balls to stop in front of this and buy here.

6:28 AM Pre Market Update

10 Min

Some Fib extension targets for wave 3 of c blue.

6:11 AM Pre Market Update


ES so far has found support at the lower red channel.

Will also add that for cash, the 13 day EMA is currently at 1185.

5:51 AM Pre Market Update


With ES trading -19 points so far, I had to take a better look at that h/s target. 1183 is lining up with the 50% retracement and the open gap below.

Let's see how cash reacts at the open. I recall not too long ago that ES had been trading -15 pre-market and into the open. Once cash had opened it only traded down 7 points. We'll see...
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