Wednesday, May 12, 2010

5/12/10 - AM Update

 SPX - 3 MIN

  SPX - E-MINI

With futures up this AM, it made me re-examine my count of the 3 min chart from yesterday. I caught a little mistake and completely missed the fact that the wave structure off the low of the pullback counts well as a 5 wave structure to form micro wave [A] of minuette (b).

It is also possible the pullback was complete for minuette (iv) or, though early to say, I'd say to keep an eye out for a possible triangle formation.
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2 comments:

  1. AnonymousMay 12, 2010 at 10:24 AM

    Hi from Argentina !
    How about a double zigzag from 1095 ?
    A: 1095 - 1130
    B: to 1105
    C: to 1165
    X: to 1147
    A: to 1170
    B: to 1155
    C: in progress, maybe around 1170 (61,8% retracement if we count from a 5 in 1095)

    Best regards and thanks !

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  2. GrandMay 12, 2010 at 2:51 PM

    Hi Anon. thx for the comment and suggestion. that certain looks like it may work. how it fits into the bigger picture i'm not sure, at least by my preferred count. i can see it working as a wave 2 up double zigzag but i still have a problem with count the move off 1219 as a 5 wave impulsive structure.

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