Thursday, November 10, 2011

EOD Update [7:50 PM Update]

[7:50 PM Update]

ES
Hmmm... Looks like what I'm expecting my 10 min chart to do....


Alternate 2
I will add alternate 2 here based on the ES action tonight. We shall see soon.



[4:00 PM Update]

I'm just adding the primary, the alternate 3 and the updated 10 min count here.

Notice that the 10 min internal counts match up with the expected choppiness of a triangle? I added the sub-alternate labels to the 10 min that I have on my primary 30 min chart.

Since the alternate 1 and 2 count are fairly similar to the primary count,  I have chosen not to include them here to night in the interest of time and just to keep things a little bit simpler.

I think we should know in the next few days whether we stay in the 1220-1270 range.

Again, for tomorrow, I'll be watching the 10 min chart below. I would like to see the market take out 1242 to help confirm that this may be the correct count. If it cannot and is rejected at approximate 1242, please see the alternate 3a chart below.

10 Min

Primary 


Alternate 3
Alternate 3a
This count option supports the alternate 3 count.

EOD Update

I like this 10 min count. Currently there is a break out of a falling wedge (diagonal), a potential inverted head and shoulders and a pending 60 min MACD buy signal on tap.

The projected inverted head and shoulders target is approximately 1266 which just so happens to be 78% retracement of the falling wedge, which is a typical target out of diagonals.

I'll need to add some more charts later but I believe 1266 is also the underside of the TL connecting 10/4 and 11/1 lows.

SPX - 10 Min
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