Wednesday, October 5, 2011

EOD Update [2:42 PM Update]

[2:42 PM Update]

Here's a cleaner version of the 15m chart that incorporates the triangle I proposed last night. Anyway, I've added a potential for an extended third wave 3, which would call for a break away gap tomorrow morning.

The only reason why I add the 3rd wave extension there is because wave 4 blue just does not look right compared to wave 2 blue. For some reason I believe the market may still be working on wave 3.

Anyway, we'll know early by tomorrow and 1150 is still a level it must clear. Don't forget the 20 day SMA is at 1163 so it may be gunning for it.

15 Min




EOD Update


15 Min
Looking for the first five waves up to complete. Perhaps it will target 1150-1155. See the pitchfork chart below.

Keep in mind 1150 is the 62% retracement level of the leg down starting from 9/27 to yesterday's low.


1155 is approximately at the top of the upper fork channel.

Blue

This goes hand in hand with the 15 min chart above. Looking for the completion of wave 1.

Red
This count is losing credibility fast. Based on this count, there is a triple nested 1-2 down and if the ALT B yellow is used, a double nested 1-2  down. Given the +ve divergences I'm going to say the odds of this count being right is pretty slim at the moment.

HG - 60 Min
I continue to track copper for signs of a turn-a-round. An addtl hrly macd buy signal confirmed into the close. I'm wondering if the final 5th wave of the ED truncated.

For a view of the bigger picture, click here.

VIX - Daily
Let's see if the equity buy signal works this second time around.
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