12/17/10 - EOD Update

I'm glad I missed the slow day yesterday. Basically my preferred count hasn't changed.

30 Min Preferred

The count looks pretty straight forward. Most of Friday was used to build on subminuette ii.

Based on this count, I expect a small dip to 1238 to complete subminuette ii before shooting higher to complete (v) near 1250-1255.

Keep in mind the 38% retracement is at 1239 and the tiny ED for wave c blue may complete there too.

See the 5 min chart below for the internal count.

5 Min Preferred

This count looks pretty good to me. It appears 1238 may be a good target for the completion of subminuette ii.

It looks like wave c blue is turning into an ED.

There is a fib confluence there of:

1. A 50% retracement of subminuette i
2. Wave c blue extends wave a blue by 1.618 at 1238

Notice the alternate count on this chart as well. It would apply to the larger alternate count below.

Alternate

This is the top alternate count. One more push higher would complete wave b/x red and then followed by a move lower in a wave c/y red.

So with this count, we may be stuck in the 1230-1250 range for just a little bit more.

I haven't placed the labels on the chart but also keep in mind this alternate count builds upon a foundation for a triangle count as well since we are seeing a series of three wave structures. I'll address this later once we see what happens after wave c/x red (and that assumes this alternate count is correct).


This chart above, if repeating, would support the alternate count.