Sunday, February 19, 2012

2/18/12 Update

I am back from vacation and have access to TOS again. The primary count is right on target.

I haven't poured over the squiggle count for wave 5 blue there so I'm not completely sure if it is complete. Its pretty close though.

Here is the longer term view again. The primary view I have is that Intermediate (B) is nearly complete. The alternate view is that minute [3] just completed for Minor 3 green.

1267.06 is the key level to watch if the bullish count is to remain in play. Notice from an intermediate trading standpoint, both the primary and bullish alternate are looking for a completion of this rally that started back in November?

The bulls will try to defend 1267.06 and the bears will try to break it. A reasonable retracement would be back to 1300 even for the bullish case. That's at least 60+ points below. Of course this all assumes this leg up is complete.

If the doctor is leading, we'll see shortly.
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