Wednesday, November 16, 2011

EOD Update [9:54 PM Update]

[9:54 PM Update]
EUR/USD


I mentioned the eur/usd triple +ve divergence too plush it has a three-push pattern possibly complete


As of this update, ES is up +7.5 so we'll see if it holds overnight


[7:15 PM Update]

ES

I just realized the red option can still play out if it wants to



[7:08 PM Update]


DX

Is the dollar working on a three-push pattern and triple negative MACD divergence?
ES
This is what I posted this AM. Looks like scenario 2 has played out and bounced so far on the lower TL. Let's see where it is at in the AM. 



EOD Update

The bears showed up to the party today. It's do or die for the bulls if they want to save the triangle. If not the market may be heading for 1215 or 1180 per the two alternate counts below.

Below are the three best counts after today.

Triangle
This count assumes that wave e completed into the close. It can extend beyond the trendline and remain valid as long as it does not break below the wave c low at 1226.

Alternate 1
1215 has c=.618*a and c=a at 1180. Notice that c=a here just like triangle 2 count below? Both counts are expected to move in the same direction.

Triangle 2
Again, this count is the same as alternate1 near term. I'll merge these two after tomorrow.

Keep in mind wave c = .618*a at 1215 as well and it just so happens to line up with the wave a low.
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