Friday, November 11, 2011

EOD Update

EOD Update

It's very rewarding to see a call play out almost to a tee. Yesterday's 10 min chart (see update below) in the EOD update was looking for a move to the upside with a 1266 target. Looks like the day's high was 1266.98.

3 Min
Very near term, I believe a 4th was put in by the close. I can certainly label this an x wave as well if this is the second leg of a wave d for the triangle scenario. Either way, both counts imply one more leg up.

Per this count, wave 5=1 at 1278 and .618*1 at 1271. Let's see if the market rallies a little bit on Monday.

10 min
Right on track.
Again as you can see this primary count has several options so long as the market remains rangebound in a corrective fashion. The main count for the primary is that wave a of Y is in progress.

The sub-options  are:

1. A wave d  of a triangle
2. A wave b of a X for the zigzag down to 1200.

Alternate 1
I have bumped this count back to alternate 1.  Should the market rally next week and break through the upper TL, this is one to consider in addition to the wave Y of the Primary above.

Here's another view of the overall count and a wider view of how the proposed triangle option plays into the count.

Daily - Primary
And just a little bit bigger picture. So my primary has a large flat playing out for Primary wave 2/B/X. However, I have left room for the fact that Primary 2/B/X may have completed at the 10/4 low.

The alternate 1 count above is how it should count from this low if in fact Primary 2/B/X is complete.

Alternate 2
This bear count is still alive but taking it's sweet ole time to materialize if that is what the market is intending to do.
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