12/14/10 EOD Update

Preferred

Ok. Going to try and keep this simple. If you haven't already read my post at 1:00 PM today, the above chart reflects my preferred count.

Unfortunately there are still several options on the table but I hope the chart above covers the most likely ones for the moment. Should the market show us something else, I will certainly bring up the other options I have in mind.

I believe we completed a flat today for subminuette iv of minuette (v). This implies that a final fifth wave higher is in store and would likely target the 1250-1260 level.

The key level to watch for this count will be 1234.71, where i have the top of subminuette i. Since iv can't overlap into i this would rule this count out.

Once this wave ends the question becomes is it;

1. End of minute [i] of minor 5
2. End of minute [b] of minor 4
3. End of another wave 3 of some degree. (Ya won't go there yet)

Minor 4 Option

This count here would cover option 2 above.

3 Min

Here's a squiggle count off today's high.

I show either a nested 1-2 down in the works or a simple w-x-y correction to complete subminuette iv.