IMPULSE
Vodavi in the chat room pointed out an issue with the previous count (wave iii of 5 the shortest). I have since corrected it.
4:25 PM EOD UPDATE
Below are two 3 min charts with counts I was posting earlier in the chat room. I post these here in Strategy Desk since I like counting squiggles with SD better.
Interesting how either one may be justified but I believe the corrective version may be the most accurate since I think it is still hard to truly get a good five waves for wave 1.
IMPULSE
CORRECTIVE
1:27 PM EOD UPDATE
I just realized I forgot to add the labels for the blue option. I'm looking for a five wave completion to wave (a) of (Y) for this option. I think it is close.
1:10 PM EOD UPDATE
I'd say that was a pretty bullish day. A very solid daily marubozu candlestick printed following a hammer from yesterday. The market was able to close above the 13 day EMA and 20 day SMA.
I was tracking the squiggles throughout the day and thought I finally counted the end of the leg up. However, the third wave extension up makes it difficult to do.
The unfortunate thing is that the rally that started yesterday, once again can be counted as an impulse and corrective wave up.
The market is still on track to trace out the four options I have outlined below. The most bearish of them all (red count) is slowly losing it's lead. Any more upside from here and it will surely fall to the back of the pack.
Earlier this AM, I showed a chart highlighting the similiarities in the retracements over the past few weeks. I have a feeling this bounce is going to try and hit the 85% retracement level near 1215.
If the bears do not show up soon and start wave iii red down from the 62% retracement here, I'm going to have to bring out a more bullish nested 1-2 i-ii option.
Need to split for now. I'll post more charts later.
