Thursday, August 1, 2013

8/1/13 - AM Update

Five tiny waves down off the day's high.

1 Min - 8:06 AM



I will use this time to remind folks of this chart and count. The green count here is the ultra bullish option showing wave (3) in an extension. Either it extends in 9 waves or 13.

The black option is the longer term bearish count waiting for a wave C extension to complete or a complex wave Y. One must ask themselves though, should a correction be this bullish?

Weekly


Happy August. Looks like the market went with the obvious. All the chop was the clue.

The flat option is not out yet since it now becomes an expanded flat potential. At the moment though, green is back in the game as a wave 5 in progress to wrap this all up near the upper channel unless it decides to truncate.

If we treat this tri also as a cup and handle, I see a 1722 target.
60 Min - 6:52 AM

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