Wednesday, May 16, 2012

5/16/12 - EOD Update - Its Most Likely A Diagonal [11:29 PM Update]

[11:29 PM Update]




Remember this one?


[9:55 PM Update]

I wanted to add the bigger picture for the 60 min charts posted below at EOD.

Minor 4 Flat Option
Note the extension targets for minute [c] at 1.38 and 1.618 times. Pretty close.

Intermediate (B) Complete
However, if this is the correct count, this market is going down...


EOD Update

More chop again so I'm leaning more towards some form of diagonal/wedge here. What that diagonal/wedge represents depends upon whether the bear or Minor 4 flat option is playing out.

If this is not some type of diagonal, the bears are gonna flush the market down since there are now a quintuple nested 1s and 2s down.




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