Thursday, June 6, 2013

6/6/13 - EOD Update

A few interesting developments after the bounce at 1600.

1 Min 
I tweeted this count after hitting the 1600 low in conjunction with my 60 min chart below. After identifying five teeny tiny waves up, I mentioned that another leg up should be expected after retesting the 1600 level.

Low and behold the market swung 20 points from that call. Earlier in the day I posted a bearish corrective count for this 1 min chart. I have removed this since at the moment, this is a pretty impulsive wave structure appearing to extend.

We will see what tomorrow brings with the NFP numbers.

15 Min 

At the 15 min interval, things get a little more uncertain since there are so many options. I have also added the blue option since the bounce off today's low is so sharp and impulsive.

The good thing here is that the green and red option could be wiped out early tomorrow since both will result in a 4-1 overlap violation 1622.77, just a mere .53 away from the day's close.

The black option may be the most realistic option here should the market require one more leg down. However, again, I've introduced the blue count, which should be something to watch.

The caveat to the blue option is the fact that I don't really like wave C as an ending diagonal since wave 4 does not overlap into wave 1
.
60 Min 
I posted this chart yesterday in the AM Update. Using this chart with the 1 min above, along with the round 1600 number gave me good confidence to buy here.

Daily
We've seen the recover three previous times. Will this time be different?
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