Wednesday, August 15, 2012

8/15/12 - EOD Update

Not much to add today except for the 3 min chart.

3 Min 
This would be the squiggle count if the 60 min chart below is correct. However, note the blue lines I have on the chart highlighting the potential for just a three wave corrective move down off 6/14.

This means the market could just chop up and down as it crawls higher and completes with an ending diagonal or the blue option highlighted below.

60 Min

Should the market require one more push higher, the blue label option above may be the correct count where wave iv is forming a combo corrective with wave y of iv ending in a triangle and hence the small range we are seeing.

Watching the McClellan trendline there.
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