Monday, February 6, 2012

2/6/12 - EOD Update [8:09 PM Update - Golden Section Target]

[8:09 PM Update - Golden Section Target]


I added some more Fib extensions for each count option. There is a confluence at 1355 and note where the blue label extends to if 5=1 and if 5=1.618x1.

[5:30 PM Update - Golden Section Target]

SPX - 30 Min - 

Most of my readers have seen this technique before. I'm still unsure of its success rate but thought I'd present it yet again.

See here for more on this.

Golden Section - Wave 5 Extended


EOD Update

SPX 30 Min 

I believe the market may have setup a gap and go situation for tomorrow per the blue labels. If that does not occur first thing, I'm watching for a potential ED to complete this wave up since 1/30/12.

Notice the Fib confluence 1360. May be a target.

Earlier I had a wave iv triangle label on the chart. I removed it for now so as not to clutter (isn't it cluttered enough?) the chart any further. Should the market triangulate here we'll bring it back.

Pattern-wise this does still look like a bearish rising wedge off the early AM sell off.

This is all I have for today. Just trying to figure out if this puppy is extending or will be ending soon.
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