I almost forgot about this combo corrective count I mentioned in the chat room earlier this morning at 10:48 AM.
Combo Corrective
Per this count, it is very close to complete if not already complete.
Here is EWI's figure of a combo correct. Frequent readers here have seen this one a few times now.
EOD Update
EOD Update
The action still smells like triangle to me. I continue to watch the daily MACD histograms as they resume their trend back to positive territory.
Primary
I am now more convinced that wave (d) is in progress with the remote possiblity that (c) may also still be in progress. As mentioned in the past, waves C or D in a tri are complex. Obviously this nasty choppiness is suggesting that this is what is going on.
Zigzag Option
This would make the most sense for a ZZ for minute [4], which means a stab at the highs first before down to 1280ish
Bullish Option
This one may be a stretch but I'm going to put it out there even with it's problems.
INDU
Though I have the wxy corrective labeled there as the primary, the triangle easily fits as well. In fact, it looks like wave d was put in today. Notice though that waves 1 and 2 up of [5] may also be considered in progress.
TRANS
The trannies continue to build on it's momentum. Looks like there is a daily MACD cross in place. A follow thru in the next day or two would strengthen the case that wave 5 up was underway..
