Friday, September 23, 2011

EOD Update

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).

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.
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.

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.

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.
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