Tuesday, December 6, 2011

12/6/11 - EOD Update

For those of you who do not follow me on twitter (click on the link towards the right side of the page) or in the real time chat room (CiL), I apologize if you were not able to see these charts earlier during the day here.

It is much easier to push out counts and adjustments to those counts via twitter/CiL. So check there also through out the day as I update my counts along with the 1 min squiggles when I have time.

As for today, I see13 waves up. It's nice to be prepared for that.

The market has now put in the necessary waves to count a complete impulse wave up. However, does it want to push for 21? The daily MACD supports this but the hourly and lower time frames does not at the moment.

Option 1
My primary count. With the completion of 13 waves, this is how it would count as a compete impulse wave. However, on this chart, I have left room for the possibility of an extended 5th wave. I do this because of the potential triangle option below. The market may be indicating to us that it is consolidating before it's next move higher.

Triangle Option
I presented this option during the day today. I have also made some adjustments with the alternate labels.

The alternate count for this option works well with the primary count I have been tracking for some time now as highlighted below:

Primary - 60 Min

Using the triangle option above wave a grey is complete and wave b is a triangle before wave c up completes wave [b] red.

SPX - 60 Min
Compare this chart to the TOS 60 min chart above. Those are interesting similar patterns.

The 10 year yield may be looking at a little rally here as well, which is positive for equities.
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