EOD Update
In Friday's EOD Update, I was looking for a move to 1165-1175 sometime this week or next. I wasn't looking for it to happen all in one day. Anyway, things still look good for both the blue and red counts (*red has been adjusted and thanks to Vodavi in the chat room, I have eliminated the ED option the way I had it labeled for now).
I believe there is still room for this bounce to run and possibly target the 20 day SMA near 1180. If not, as you will see below, price nearly hit the 50% retracement to a tee so if the pullback is to continue, the EW count requirements certainly have been met.
If you are watching the VIX, step 2 of the equity buy signal triggered today, that is the VIX closed back into it's BB. The final signal will be a close lower than today's close for the signal to be complete. This obviously favors the blue count.
 |
| Blue Count |
 |
| Red Count |
 |
| 5 Min |
On this chart here, there are a few options. Notice I'm leaving the 1-2 count up open as an option? I know the squiggles may not argue for it but something that must be kept in mind.
 |
| 10 Min |
This version of the bounce heavily favors the red count. Tomorrow's action will be telling right from the get go.
 |
| Copper Daily |
The copper count still looks very good. It formed a daily hammer candle today so a confirmation will help determine if the pullback is complete.
 |
| Copper Closeup |
