Friday, November 30, 2012

11/30/12 - EOD Update [4:34 PM Update]

[4:34 PM Update]

60 Min 
Some addtl things to look for in the near term. Some Fib extension targets if wave iii / c is up on tap. A possible ending or leading diagonal in the works?

Note the red ascending trend line from left to right is drawn with the 10/4/11 - 6/1/12 lows. 

EOD Update 

For those of you who follow me on twitter, I made the triangle adjustment today after the previous one failed. So far this turned out to be the case.

Based on my near term count options, 2 of 3 is pointing towards a rally starting no Monday, possibly on positive fiscal cliff news being announced over the weekend.

The third near term option call for a quick head fake at the open before dropping back.

5 min
The color options above do not correspond with my 15 and 60 min chart, however, the pattern is the key.
15 min 

60 min 
Either wave (iii) blue starts early next week or wave (c) green.

The best longer term count option I favor right now. The market needs to clear the 50 day SMA at 1422 first to give this some creds.
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