Tuesday, November 27, 2012

11/27/12 - EOD Update

15 Min
Coming into today, I was favoring the blue count and so far that seems to be the correct option. The market came very close to reaching the y=w mark at 1397 today, so it is possible the correction for ii blue is complete.

However, there are other Fib targets below that should be watched along with the neckline at approximately 1390. Note the adjustment to the gray option.

I have now added the purple option, which is a very bullish nested 1-2 up.

The 20 day SMA is currently at 1393. Options blue and purple would favor this as support before a launch higher.

Option gray is shorter term bearish but eventually will result in prices higher from the 1380 zone.

Green is the only bearish count at the moment.
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