1/5/11 [12:47 PM Update]

[12:47 PM Update]

3 min

I apologize. I have been busy in the chat room I thought I was updating here.
[9:52 AM Update]

INDU

Here's an update to my INDU count. In line with SPX.
[9:22 AM Update]

3 Min

Here's the internal count to support the primary and alternates below.


7:03 AM Update

These two charts are the ones I'm currently watching.

Option1 - Primary

Alternate

1/4/11- EOD Update [10:21 PM Update]

[10:21 PM Update]

Couldn't get to the charts until now. Here are some of those options I was referring to earlier at EOD. Most of the charts were posted in the chat room earlier today.

Bollinger Bands- 60 Min

Just wanted to highlight the bounce at the 20 period on the hourly. This may help support my option 1 count

Wave 5 Extension

This option shows the count as possibly complete, which would mean the rally off the July 2010 low is complete.

3rd Wave Extension Option

This option implies that the top put in yesterday completed minuette (iii) and today the market worked on minutte (iv). The Fibs and channel mark the possible target level for (iv).

1257 would be a key support level.

INDU

I haven't labeled the INDU in a while. This count above goes with my option 1 below.



EOD Update

Option 1

This is still the primary. It was very close to be invalidated today. I'll post some options later.

Possible targets above are 1275 at the mid channel or 1280+ at the top of the channel.

1/3/11 - EOD Update [4:43 PM Update]

[4:43 PM Update]

Daily Bollinger Bands

I posted the daily chart earlier today to show the comparison of both spikes out of what appeared to be triangles.

The market spiked well beyond the thrust target but hit the top of the Bollinger Band as anticipated.

Weekly Bollinger Bands

Now take a look at the weekly. During that same comparison period, the weekly candle closed at the top of the Bollinger Band. Should this behavior repeat, notice the top of the weekly sits at 1296.

Just something else pointing to 1290-1300.

EOD Update

The market tagged the 1275 level today, which I have been looking out for. I also believe the market still intends to tag the 1290 and 1300 levels. I continue to watch the three charts below, which leads me to believe that is where the market is headed.




A heavy Fib confluence at 1300.

Next Fib fan stop is approximately 1290.

Option 1

As far as counts go, Option1 is still the count at the moment. Coming into today, I was anticipating a third wave rally, which we got.

5 Min

This count goes with Option1

5th Wave Extension

If this count is correct, this leg may be complete. I will be looking at another option that may call for this to be labeled as a wave 3 extension. I'll see if I can post that later.

Minor 4 Option

This options is most likely out since wave [b] has now extended wave [a] nearly 190%.

10:54 AM Update

10:54 AM Update

Option 1

Here's an update to the primary, however, the wave 5 extension looks pretty good below.

Wave 5 Extension

This count looks like it may be complete.


Happy New Year. I thought I posted this chart before but couldn't find it on the blog. here it is again.