Friday, October 21, 2011

Pre Market Update [5:38 AM Update]

[5:38 AM Update]

SPX- 5 min
Pre Market Update

In yesterday's EOD Update, I wrote, "For the primary, alt 1 and alt 2 counts, we should know very early tomorrow if they are still legit the way they are labeled because a wave 3 gap and go up should be the first thing to occur at the open based on this count."

The pre market action is validating the primary, alt 1 and alt 2 so far. However, one thing to consider is that until a new high is made over 1233.10, this may still fit within the alt 3 scenario and that is a large triangle. This  move would just complete wave d of the tri near a higher level.

ES


HG
Copper was on fire overnight. Here's one other scenario I posted in the chat room last night, http://cdnmo.coveritlive.com/media/image/201110/phplTDc3rhgflat.png. If that's the case, 3.4 may be a minimum target. However, I'd like to see 3.2575 taken out first.

EUR/USD
So far the Eur looks like it wants to form a triangle.
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