Monday, October 17, 2011

EOD Update

EOD Update

I think today's action is signaling the start of the corrective move down for wave (2) of the primary blue count.
1m- Primary
It looks like wave X green may be deem complete and wave Y began into the close. I have an option there whereby wave X may be an expanded flat and the dip into the close was only wave b. If so, I still believe 1207ish will cap a wave c bounce to complete X.
15m - Primary
If Y is in progress, I like a target near 1170ish. This would also line up with an approximate 38% retracement.


15m - Triangle Alternate
We can discount this count yet. I can easily see the market triangulating the rally here to consolidate the price action before taking another stab at a new high.

15m- VIX
VIX may be in line with the primary count above. After completing a retracement to approximately 35 after five waves down, I can see VIX heading back down once more. We'll see.
blog comments powered by Disqus