Monday, October 10, 2011

EOD Update [8:10 PM Update]

[8:10 PM Update]

Let's see if copper is indicating the end for this impulse wave up.

HG - 15 Min
EOD Update

The bulls continue to follow thru with this rally. The market is now above the 20 and 50 day SMA and the daily MACD buy signal was confirmed today along with a +ve divergence.

The name of the game at the moment is searching for the completion of this first wave up. This could be a dangerous drill though because this wave could extend on and on. We have seen this before.

1195 should be considered a logical level for near term resistance since it was the previous high on 9/27. However, the upper daily Bollinger Band is currently near 1226, which is a possible a target before this first wave up is complete.

Below are two 15 min counts I'm tracking. The primary is that the fifth wave just about completed at 1195 today. There may be room for a little push higher say to test 1200 but look-wise I do see fives waves.

15 Min Primary
The alternate below provides room for an extended third wave so we'll have to keep track of any pull back the next few days and watch for this potential.

15 Min- Alternate

Blue - Primary
This primary count is still on track and just waiting for wave (1) to complete. If you have been following my red count, that puppy is pretty much out with today's push to 1194.

Bollinger Bands - Daily
Upper Bollinger band may be a target near 1226. The MACD buy signal was confirmed today along with +ve divergence.

SPX -Weekly
Need to watch the end of this week. A close over the 13 week EMA would be fairly significant along with that marubozu candlestick.

VIX - Daily
I think the VIX is setup to head back to 30, which may corroborate the 15 min alternate count above.
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