Thursday, January 10, 2013

1/10/13 - EOD Update

This 5 min chart continues to provide some guidance near term irrespective of the wave counts.
It is possible, this little leg up may take a pause after today's little run up.

5 Min

60 Min
As far as counts go, unless this extends through the 1475 resistance level, wave (i) of an LD may have completed today. I'd like to see a pullback for wave (ii) or possibly the red alternate.

Remember this weekly chart? Santa came a little late but came nonetheless. Keep in mind wave 5 could truncate right at the 1475 resistance level. However, look at the MACD cross up. It may be heading for the TL along with price heading for the upper TL of the wedge. We shall see.

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