Wednesday, October 19, 2011

EOD Update

EOD Update

Is wave 2 down finally underway? Could the market be triangulating up here? Very possible too.

Below I have three 15m scenarios. Not sure how to weigh each one at the moment. I'm beginning to really like the Alt2 chart. However, I  will stick with the first one (listed as primary) for now since the VIX, EUR/USD and HG (copper futures) may be in line with it.

5 Min
The structure off the top still counts as a three wave structure.

So far three waves down. Is this enough of a correction or will it turn into a double zigzag? The 60 min MACD sell signal may be implying that this would be the case.

Alt 1
Very similar to the Primary above but implying that the correction may be nearing it's end.

Alt 2

I like this alternate as well. This is calling for a wave c red rally to complete the double zigzag correction up. X green may triangulate as well.



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