EOD Update
Overall a boring day today and questions remain as to the direction near term. I favor a break out of the inverted head and shoulders and ascending triangle that appears to be forming.
The 5 min and 10 min charts below highlight the near term possibilities. Again I favor a breakout up so I'm focusing on the 5 min chart. (Note: I don't really like the blue 1-2 as I have it labeled so the wxy green is more applicable at the moment).
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| 5 Min - Primary Near Term |
The inv h/s targets approximately 1170. Y=W at approximately 1155 which is also the 38% retracement of the most recent decline.
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| 10 Min- Strong contender alternate |
This surely would fit here after this most recent swoon. We should know by Sunday night I think as to the ultimate direction near term.
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| Blue Count Primary |
This is still the primary until it is ruled out but I'm really liking the red count option right now, especially with what I'm proposing below.
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| Red Count Alternate |
This proposed ED is purely speculation but would fit nicely with a double bottom at 1100. I do have C=.618* A at 1080 but that is the actual ratio for C to A. However, again, it would make for a nice double bottom if the ED ended right near 1100.
